Who is obligor in contract?
A person who owes a legal obligation to another person. In the context of financing arrangements, an obligor is usually a debtor (for example, a borrower) or someone who has given security or a guarantee for the payment of a debt or the performance of an obligation.
Who pays obligee or obligor?
The obligor is the parent that is required to pay the child support to the other parent, and the obligee, or obliged, is the parent who receives the payment. As a general rule, once a child support amount has accrued, the Obligor is required to pay that amount, regardless of circumstances.
Is creditor and obligee the same?
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 an obligor and a 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 are obligor and obligee explain?
An obligor is an individual is obligated, or who has been ordered by a court, to pay a debt to another party. For instance, in family law, the obligor parent would be ordered to pay child support, alimony, or both to the other parent. The other parent, then, is the obligee.
Who is the obligor and obligee in child support?
Obligors Explained in Less Than 4 Minutes An obligor is an individual who owes a benefit or payment to another person, such as child support, alimony, or a payment on a loan. The individual receiving the benefit is known as the obligee, and they benefit from the terms of the contract.
What is a obligor or obligee?
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. The recipient of the benefit or payment is known as the obligee.
Who is considered the obligee?
The obligee is the party requiring the principal to obtain a surety bond. They are usually government agencies, local municipalities, individuals, or companies. The surety bond safeguards the obligee from the failure of the principal to uphold their part of the agreement.
What is Article 1156 all about?
Art. 1156. An obligation is a juridical necessity to give, to do or not to do. (
Is obligor the 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 does obligee stand for?
one to whom another
: one to whom another is obligated (as by a contract) specifically : one who is protected by a surety bond.
What is an obligor obligee?
What are examples of legal obligations?
In addition to the business obligations described above, examples of legal business obligations include: Filing requirements with the Securities and Exchange Commission (SEC). Requirements for a board of directors to pay a specified sum to executives if a certain event occurs. The obligation of a lender to charge an agreed-upon interest rate even if a higher interest rate eventually becomes available.
What are examples of obligation?
The definition of an obligation is something that someone is required to do. An example of obligation is for a student to turn in his homework on time every day.
What is legal obligation?
Legal obligations are simply things you are required by the law to do or not do. For instance, in the United States, you are generally obligated to use reasonable care while driving or operating heavy machinery, and you are generally obligated not to kill someone else without a valid justification.