An obligor, also known as a debtor, is a person or entity who is legally or contractually obliged to provide a benefit or payment to another. In a financial context, the term “obligor” refers to a bond issuer who is contractually bound to make all principal repayments and interest payments on outstanding debt.
Who is the creditor or obligee?
OBLIGEE or CREDITOR, contracts. The person in favor of whom some obligation is contracted, whether such obligation be to pay money, or to do, or not to do something.
What is the difference between obligor and obligation?
As nouns the difference between obligor and obligation
is that obligor is (legal|finance) the party bearing a legal obligation to another party, the obligee while obligation is the act of binding oneself by a social, legal, or moral tie to someone.
What does obligee mean?
Definition of obligee
: one to whom another is obligated (as by a contract) specifically : one who is protected by a surety bond.
Is obligor the same as borrower?
As nouns the difference between borrower and obligor
is that borrower is one who borrows while obligor is (legal|finance) the party bearing a legal obligation to another party, the obligee.
Who is debtor and creditor?
In every credit relationship, there’s a debtor and a creditor: The debtor is the borrower and the creditor is the lender. Your own obligations differ depending on which role you play.
What does primary obligor mean?
Many guarantees include wording such as ‘we guarantee as primary obligor’, which is a bit inconsistent – you are either guaranteeing something or you are the ‘primary obligor’, ie the person with the primary obligation.
Is a guarantor an obligor?
At law, the giver of a guarantee is called the surety or the “guarantor”. The person to whom the guarantee is given is the creditor or the “obligee”; while the person whose payment or performance is secured thereby is termed “the obligor”, “the principal debtor”, or simply “the principal”.
What is the meaning of dation in payment?
Definition of dation in payment
civil law. : a mode of discharging a debt or claim by the debtor’s giving to the creditor with the latter’s consent something in full satisfaction of the obligation but of a character different from that originally called for by the obligation.
What is non obligor?
When two or more people are purchasing a property, one or more of them may not be financially obligated to repay the loan. A person who is an owner but does not have an obligation to repay the loan is sometimes referred to as a “non-obligor” or “non-borrower.”
What are the duties of an obligor?
The duty of the obligor is to abstain from doing. The very obligation is fulfilled in not doing what is forbidden. Example: Kristia bought a land from Bryan, it is stipulated in the contract that Bryan will not build a fence on a certain portion of his land adjoining that sold to Kristia.
What is the plural of obligee?
obligee (plural obligees)
What is the meaning of assignor?
An assignor is a person, company, or other entity who transfers rights that they hold to another entity. The assignor transfers to the assignee.
How do you pronounce obligee?
Phonetic spelling of obligee
ob-li-gee.oblig-ee. Shayna Goodwin.ob-li-jee. Alvis Bergstrom.
What does obligee mean in business?
a person in whose favour an OBLIGATION, contract, or bond is created; a creditor.
What does obligee mean in insurance?
Obligee — a person or organization to whom another party (the “obligor”) owes an obligation. In a bonding situation, this is the party that requires and receives the protection of the bond.
