A debt is a legal relation between two parties.

Explanation

(English-origin maxim.) A debt is not a thing but a legal relation between two determinate parties — the debtor-creditor bond is personal and exists only between those bound by the obligation.

Where this applies

• A creditor sues a debtor, and the court recognizes that the debt exists only as a legal relationship between these two specific parties — no third party can step in as creditor without proper assignment.
• A lender dies, and the question of who may now collect the debt depends on the legal relationship, not on who physically holds the promissory note.
• Two companies dispute whether one owes the other money, and the court examines whether a debtor-creditor relationship actually exists between them before allowing the claim.