Obligor - Law Dictionary Search Results
Home Dictionary Name: obligorobligor
obligor : one who is bound by an obligation to another [an obligation extinguished by performance of the ] compare creditor, debtor, obligee, promisor, surety ...
Obligor
Obligor, he who enters into an obligation or bond; a debtor.It means a person liable to a originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect ofa financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(q)]Means (1) One who has undertaken an obligation is owed; a promisee or creditor. (2) One who is obliged to do something, Black's Law Dictionary, 7th Edn., p. 1104.Means a person liable to the originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect of a financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(q)]...
obligation
obligation 1 : a promise, acknowledgment, or agreement (as a contract) that binds one to a specific performance (as payment) ;also : the binding power of such an agreement or indication [held that the amendment did not unconstitutionally impair the s of contracts "Davis v. American Family Mut. Ins. Co., 521 N.W.2d 366 (1994)"] 2 : a debt security (as a corporate or government bond) see also collateralized mortgage obligation 3 : what one is obligated to do, satisfy, or fulfill: as a : a commitment to pay a particular amount of money [does not create a debt, liability, or other , legal or moral "State v. Florida Dev. Fin. Corp., 650 So. 2d 14 (1995)"] ;also : an amount owed in such a commitment b : a duty arising from law, contract, or morality [had a legal as an employer] [a contractual ] 4 in the civil law of Louisiana : a relationship that binds one party to a performance (as a payment or transfer) or nonperformance for another party see also contract, offense, quasi-offen...
defense
defense 1 : the act or action of defending see also self-defense 2 a : the theory or ground that forms the basis for a defendant's opposition to an allegation in a complaint or to a charge in a charging instrument (as an indictment) ;also : the evidence and arguments presented supporting the defendant's opposition see also accord, alibi, assumption of risk, coercion, consent contributory negligence at negligence, denial, diminished capacity, duress, entrapment, estoppel, fraud, infancy, insanity, intoxication, laches, mistake, necessity, res judicata, statute of limitations absolute defense : complete defense in this entry af·fir·ma·tive defense : a defense that does not deny the truth of the allegations against the defendant but gives some other reason (as insanity, assumption of risk, or expiration of the statute of limitations) why the defendant cannot be held liable NOTE: The defendant bears the burden of proof as to affirmative defenses. choice of evils d...
virile share
virile share [partial translation of French part (or portion) virile equally alloted share (as in an intestate inheritance), from Latin pars virilis, literally, male's share] in the civil law of Louisiana : an amount for which a solidary obligor (as a partner) is liable: as a : an amount due from the obligor under a solidary obligation (as a debt) arising from a contract or quasi contract that is equal to that of each other obligor unless there is an agreement or judgment to the contrary b : an amount based on the proportionate fault of the obligor when the obligation arises from an offense (as in negligence) or quasi-offense called also virile portion ...
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
release
release re·leased re·leas·ing 1 a : to relieve or free from obligation, liability, or responsibility [the debtor is released from all dischargeable debts] b : to give up (a claim, title, or right) to the benefit of another person : surrender 2 : to set free from confinement [was released on personal recognizance] n 1 a : discharge from an obligation or responsibility that bars a cause of action [did not effect a of the school for any negligence] b : the giving up or renunciation of a right or claim that bars a cause of action [was a of the remainder of the debt] NOTE: A release may in some situations require consideration in order to be valid. A release of one joint obligor sometimes is considered to release all the obligors. 2 : an act or instrument that effects a release [signed a issued by the insurer] called also release of all claims compare hold harmless 3 : the act or instance of freeing esp. from custody ...
Post-obit Bond
Post-obit Bond. A bond, conditioned to be void on the payment by the obligor of a sum of money upon the death of another person. in most cases the person upon whose death it is so payable is one from whom the obligor expects to derive some property. Post-obit bonds, and other securities of a like nature, are set aside, when made by heirs and expectants, as frauds upon the parents and other ancestors, unless the person dealing with such heir can prove satisfactorily that the stipulated payment is not more than a just indemnity for the hazard. Even the sale of a post-obit bond at public auction will not necessarily give it validity, or free it from the imputation of being obtained under the pressure of necessity. See BOND; EXPECTANT HEIR....
creditor
creditor : a person to whom a debt is owed ;esp : a person to whom money or goods are due compare debtor, obligor general creditor : a creditor who is not secured by a lien or other security interest called also unsecured creditor judgment creditor : a creditor who has a money judgment entered against the debtor and may enforce the judgment (as by attachment or writ of execution) known creditor : a creditor whose potential claim is known or should be known by a debtor and who is entitled to notice of a corporate dissolution or of a date at which claims will be barred (as in bankruptcy) lien creditor : a creditor who is secured by a lien (as by attachment) secured creditor : a creditor who has a security interest (as a mortgage) unsecured creditor : general creditor in this entry ...
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