The "birth" of receivables
The double-sided civil law notion of obligation divides into créance on the active side and debt on the passive side. It encompasses claims pursued against a wide variety of debtors, whether arising on the basis of contract, tort, or statute. Debates on the date when an obligation might arise (for example, date of contract as contrasted with time of performance or moment of breach) rest on the assumption that an obligation comes into existence at one point in time, which mechanically triggers the same legal consequences for all kinds of obligation.