Notice to Obligor / Obligee, is an official form from the Alabama Administrative Office of Courts, which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by Alabama statutes and law.
Alabama Notice to Obligor / Obligee
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FAQ
Obligee is a person or entity to whom an obligation is owed. It is a term that is often used in contract law.
In the law of secured transactions, a person that, with respect to an obligation secured by a security interest in or an agricultural lien on some collateral owes payment or other performance of the obligation, has provided property other than the collateral to secure payment or other performance of the obligation, or
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. The recipient of the benefit or payment is known as the obligee.
Who is 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.
Obligee a person or organization to whom another party (the "obligor") owes an obligation.
In civil law, an obligee may be in receipt of the proceeds from a contract or promissory note. Other examples of obligees include insurance policy holders, creditors, and lenders. These are all individuals who are to receive payment in the event that circumstances dictate they are to receive payment.
As nouns the difference between borrower and obligor is that borrower is one who borrows while obligor is (legalfinance) the party bearing a legal obligation to another party, the obligee.