A debt is something due from one person to another. Every debt has a dual aspect, there is the obligation of the debtor, and the chose in action of the creditor. The right, or chose, in action of the creditor is a species of personal property. As such personal property debts are proper subjects of taxation or execution. Debts can be discharged either by payment, accord and satisfaction, bankruptcy, release, rescission, lapse of time or novation.1