DEBTOR, contracts. One who owes a debt; he who may be constrained to pay what he owes.

2. A debtor is bound to pay his debt personally, and all the estate he possesses or may acquire, is also liable for his debt.
debt
late 13c., dette, from O.Fr. dete, from L. debitum "thing owed," neut. pp. of debere "to owe," originally, "keep something away from someone," from de- "away" (see de-) + habere "to have" (see habit). Restored spelling after c.1400.

owe (v.)
O.E. agan (past tense ahte) "to have, own," from P.Gmc. *aiganan "to possess" (cf. O.Fris. aga, O.N. eiga, O.H.G. eigan, Goth. aigan "to possess, have"), from PIE *aik- "to be master of, possess" (cf. Skt. ise "he owns," isah "owner, lord, ruler;" Avestan is- "riches," isvan- "well-off, rich").

Sense of "to have to repay" began in late Old English with the phrase agan to geldanne lit. "to own to yield," which was used to translate L. debere (earlier in Old English this would have been sceal "shall"); by late 12c. the phrase had been shortened to simply agan, and own (v.) took over this word's original sense.

An original Germanic preterite-present verb (cf. can, dare, may, etc.). New past tense form owed arose 15c. to replace oughte, which developed into ought (1).
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