Legal Definitions - remittor

A remittor is the individual or entity that sends money or makes a payment to another party. This term is often used interchangeably with "remitter" in financial and legal contexts, referring to the sender of funds.

• Example 1: Paying a Utility Bill

  Scenario: Mark receives his monthly internet bill. He logs into his bank's online system and transfers the required amount to the internet service provider.

  Explanation: In this scenario, Mark is the remittor because he is the person initiating and sending the payment to the internet service provider.

• Example 2: Company Issuing a Dividend

  Scenario: A publicly traded company declares a quarterly dividend for its shareholders. On the payment date, the company's financial department processes and sends out dividend payments to all eligible shareholders.

  Explanation: The company acts as the remittor because it is the entity sending the dividend payments to its shareholders.

• Example 3: Sending a Gift of Money

  Scenario: Aunt Carol wants to send a monetary gift to her nephew for his birthday. She uses a mobile payment app to transfer funds directly from her account to his.

  Explanation: Aunt Carol is the remittor in this transaction, as she is the individual who initiates and dispatches the funds as a gift to her nephew.