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account payable an amount owed to a creditor by a business, usu. for goods and services received.
deficiency judgment a judicial decision in favor of a creditor for that part of a debt not satisfied by the debtor, esp. following the foreclosure and sale of a mortgage property.
legal tender money that may be offered to satisfy a debt and that must, by law, be accepted by the creditor.
prefer to give precedence to (a creditor). [1/3 definitions]
setoff a debt that offsets or counterbalances one claimed by a creditor. [1/2 definitions]
subrogate in law, to substitute (one creditor) for another, along with the rights of the original one. [1/2 definitions]