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People also ask
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What is the difference between an obligor and a debtor?
Obligor — the obligated party This term refers to a person bound by a legal obligation. For example, the spouse in a child-support determination proceeding responsible for making the child-support payments is called the obligor. The obligor can get in signNow trouble if he or she does not satisfy this obligation.
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What is an example of an obligor?
Obligor — the obligated party This term refers to a person bound by a legal obligation. For example, the spouse in a child-support determination proceeding responsible for making the child-support payments is called the obligor. The obligor can get in signNow trouble if he or she does not satisfy this obligation.
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Who is considered the obligor?
Obligor - The person who owes court-ordered child support. Obligee - The parent or guardian to whom child support is owed.
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What is the difference between obligor and obligator?
Definition of obligor party who has an obligation to pay a debt, including interest due, by a specified date, or when repayment is demanded. The obligor (also known as obligator) is the debtor or borrower; the party advancing the funds is the lender, creditor, or obligee.
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What is the definition of a debtor?
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor.
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Is an obligor the same as a borrower?
The obligor is typically the borrower under a loan agreement, but it can also be the seller of a receivable or the lessee under a lease agreement.
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What is an example of an obligation with a period?
This is a period that suspends the demandability of an obligation until it arrives. Example: "Payment is due on December 31." Until that date, the creditor cannot demand payment, as the obligation is not yet due.
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