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LSDefine

Simple English definitions for legal terms

Obligor

Read a random definition: Individual Taxpayer Identification Number (ITIN)

A quick definition of Obligor:

Term: Obligor

Definition: An obligor is someone who owes money or has a responsibility to perform a certain action. This person has given something as collateral to secure payment or performance of the obligation. In other words, they are accountable for paying back what they owe or fulfilling their obligation in some other way.

A more thorough explanation:

Definition: An obligor is a person who owes payment or other performance of an obligation that is secured by a security interest in or an agricultural lien on some collateral. The obligor may have provided property other than the collateral to secure payment or other performance of the obligation, or may be otherwise accountable for payment or other performance of the obligation.

Example 1: John takes out a loan to buy a car. The car is used as collateral for the loan, and John is the obligor. He owes payment on the loan and is responsible for making sure the loan is paid off.

Example 2: Sarah rents an apartment and signs a lease agreement. She is the obligor and owes payment for rent each month. If she fails to pay, the landlord can take legal action against her to collect the unpaid rent.

The examples illustrate how an obligor is someone who owes payment or other performance of an obligation. In both examples, John and Sarah are responsible for fulfilling their obligations, whether it's paying off a loan or paying rent. If they fail to do so, they may face legal consequences.

Obligee | OBRA

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General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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