SDCL § 54-1-1: Definition of terms--Debtor--Creditor.

Terms used in this chapter and chapter 54-8 are defined as follows, unless the context otherwise plainly requires:

(1) "Creditor," is one in whose favor an obligation exists by reason of which he is, or may become, entitled to the payment of money;

(2) "Debtor," one who, by reason of an existing obligation is, or may become liable to pay money to another, whether such liability is certain or contingent.