Report No. 63

5.4. Meaning of "debt" in common law:-

The ancient common law meaning of "debt" was limited to causes of action which were enforceable in an action of "debt", such as those arising on bonds, notes, and other express promises to pay1 quantum meruit and quantum valebat. Undoubtedly, the Interest Act is intended to include such causes of action. But it is not confined to such causes of action, i.e., to demands enforceable in actions of "debt". Lord Coke2 referring to the statute of Merton3, said4, "Debitum signifieth not only debt, for which an action of debt doth be, but there in this ancient Act of Parliament, it signifieth generally any duty to be yielded or paid

1. Raborg v. Peyton, 2 Wheat 385: 4 L Ed 268.

2. Miller v. Robertson, 1924 US 243 (248): 691 Ed 265 (271).

3. Statute of Merton (A.D. 1235).

4. Coke, Institutes, Vol. 2, p. 89, cited in Miller v. Robertson, (1924) 69 L Ed 265 (271).