- Obligor and Obligee are synonymous with debtor and creditor
- The terms Obligor and Obligee are mostly used in the context of family law specifically child support
- The Obligor is the parent who is required to pay child support, and the Obligee is the parent who collects child support
What is the difference between "to oblige" and "to obligate"?
Difference Between Obliged and Obligated Definition. Obligated means required to do something which is usually prescribed under legal or moral necessity whereas obliged means to do something with no expectation of a return favor. Grammar Category. ... Usage. ... Conclusion. ...
How to pronounce obligor?
Pronunciation of obligor with 1 audio pronunciations. 1 rating. International Phonetic Alphabet (IPA) IPA : ɒblɪˈgɔː. Record the pronunciation of this word in your own voice and play it to listen to how you have pronounced it. Can you pronounce this word better. or pronounce in different accent or variation ?
What are rights and obligations of the obligee?
What are Rights and Obligations of the Obligee? The rights and obligations of the obligee are as following: a) Request the guarantor, the guarantee-confirmation issuing party to fulfill guarantee obligations;
What does obligor mean?
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...
Who is obligor?
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 is an obligee?
Obligee is a person or entity to whom an obligation is owed. It is a term that is often used in contract law. An obligee can be a creditor or a promisee. For example, in a principal surety relationship, an obligee is the creditor who may enforce payment or performance by either principal or surety.
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.
Who pays obligee or obligor?
The custodial parent becomes the obligee or the one receiving the child support. The non-custodial parent becomes the obligor or the one that is required to pay the child support.
What is the difference between obligor and guarantor?
As nouns the difference between obligor and guarantor is that obligor is (legal|finance) the party bearing a legal obligation to another party, the obligee while guarantor is a person, or company, that gives a guarantee.
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.
What is Article 1156 all about?
Art. 1156. An obligation is a juridical necessity to give, to do or not to do. Obligation – The requirement to do what is imposed by law, promise, or contract.Jan 31, 2017
What are the 3 kinds of delay in law?
Now, what are the different kinds of Delay or Mora? You have the Mora Solvendi (delay of the part of debtor), Mora Accipiendi (delay on the part of the creditor) and Compensatio Morae (delay on both part of the creditor and the debtor).Jan 28, 2019
Is Quasi a contract?
Also called a contract implied in law or a constructive contract, a quasi contract may be presumed by a court in the absence of a true contract, but not where a contract—either express or implied in fact—covering the same subject matter already exists.
What is a surety name?
A surety is a person or party that takes responsibility for the debt, default or other financial responsibilities of another party. A surety is often used in contracts where one party's financial holdings or well-being are in question and the other party wants a guarantor.
What does Vinculum Juris mean?
a legal bond or tie.
What is real obligation?
Real obligation means legal obligation that is connected with real property. t is a duty that corresponds to real right. In other words, real obligation of a person refers to those duties that a person must perform in return for the right that s/he exercises.
Most people know what it means to be a creditor or a debtor. When dealing with child support, the terms Obligor and Obligee are used instead. The Obligor has the obligation to pay child support, and the Obligee benefits from the payments. The obligation to pay child support is one that is very difficult to avoid. Learn more about the roles of the Obligor vs. the Obligee below
Home » Legal » Family Law » Child Support » General Child Support Questions » Who is the obligor and who is the obligee?
How Long Does the Obligor Obligee Relationship Last?
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.
When Does a Child Support Debt Obligation Change?
One of the most important things to realize in a family law context is child support is always subject to change. Many parents are frustrated by the term “final orders” because they never seem to be final.
Bringing it all together
An Obligor is a debtor, the parent who is required to pay child support, or the party ordering individual surety bonds or other bonds. An Obligee is a creditor, the parent who collects child support, or the party requesting a surety bond in an insurance context.
What is an obligor?
An obligor is a person who is legally bound to another. Debt holders are the most common types of obligors. However, in addition to the required repayment of interest and principal, many holders of corporate debt are also contractually required to meet other requirements.
What is an obligor covenant?
Key Takeaways. An obligor is a person or entity who is legally or contractually obliged to provide a benefit or payment to another. An affirmative covenant is something that the obligor is required to do, such as the need to hit specific performance benchmarks.
What happens if a bond is breached by an obligor?
The recipient of the benefit or payment is known as the obligee. If a covenant is breached by an obligor, the bond may become invalid and require immediate repayment, or it can sometimes be converted to equity ownership.
Can an obligor be a bondholder?
An obligor is not required to be a bondholder or a holder of some other form of debt. Someone can become an obligor in his personal life, too. In family law, there are certain cases when a court order is handed down—in a divorce settlement, for example—that requires one of the parents to pay child support to the other parent. If a working spouse is told by the courts to pay the non-working spouse $500 a month, the monthly payment will make him an obligor. In situations like this, if there are changes to an obligor's financial status or income, he may petition the court to reduce his monthly obligation.
