Meaning of the word debtor in English

What does debtor mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

debtor

US /ˈdet̬.ɚ/
UK /ˈdet.ər/

Noun

a person or entity that owes money or is under a financial obligation to another

Example:
The company became a debtor after taking out a large loan.
The bank pursued the debtor for repayment of the outstanding amount.