20:59
got a random stanford email and almost had a heart attack
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
payor
Read a random definition: Required minimum distribution
A quick definition of payor:
Payor: A payor is someone who makes a payment or settles a financial obligation. This can be the person writing a check or an employer paying their worker. Payor and payer mean the same thing.
A more thorough explanation:
Definition: Payor is a term used to describe the person or entity that makes a payment to satisfy a financial obligation or claim. It is often used interchangeably with the term "payer".
Examples:
- When you write a check to pay your rent, you are the payor.
- An employer who pays their employees is the payor.
- A person who pays their medical bills is the payor.
These examples illustrate the definition of payor by showing that the payor is the person or entity that is responsible for making a payment to satisfy a financial obligation. Whether it is paying rent, paying employees, or paying medical bills, the payor is the one who is making the payment.