Obligor
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 is otherwise accountable for payment or other performance of the obligation.
Definition from Nolo’s Plain-English Law Dictionary
The person or entity that owes an obligation to another (for example, the party that must pay on a promissory note).
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:20 pm
