13-01 General Provisions
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<![CDATA[TITLE 13DEBTOR AND CREDITOR RELATIONSHIPCHAPTER 13-01GENERAL PROVISIONS13-01-01. Definitions of creditor and debtor. In this chapter, unless the context orsubject matter otherwise requires:1."Creditor" means one in whose favor an obligation exists by reason of which the<br>person is or may become entitled to the payment of money.2."Debtor" means one who, by reason of an existing obligation, is or may become<br>liable to pay money to another, whether such liability is certain or contingent.13-01-02. Debtor's contract valid in absence of fraud. In the absence of fraud, everycontract of a debtor is valid against all of the debtor's creditors, existing or subsequent, who have<br>not acquired a lien on the property affected by the contract.13-01-03.Creditors may be preferred.Except as otherwise provided in section13-02.1-05, a debtor may pay one creditor in preference to another, or may give to one creditor<br>security for the payment of that creditor's demand in preference to another.13-01-04. Marshalling funds - Rights of creditors. When a creditor is entitled to resortto each of several funds for the satisfaction of the creditor's claim and another person has an<br>interest in, or is entitled as a creditor to resort to, some but not all of them, the latter may require<br>the former to seek satisfaction from those funds to which the latter has no such claim so far as it<br>can be done without impairing the right of the former to complete satisfaction and without doing<br>injustice to third persons. This section does not apply to execution sales of real estate mortgage<br>foreclosures.13-01-05. Transfers with intent to defraud or delay creditors are void. Repealed byS.L. 1985, ch. 186, </p>
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