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Obligee |
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The individual to whom a particular duty or obligation is owed. The obligation might be to pay a debt or involve the performance or nonperformance of a particular act. The term obligee is often used synonymously with creditor. obligee (ah-bluh-jee) n. the person or entity to whom an obligation is owed, like the one to be paid on a promissory note. |
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What is unfortunately certain is that landlords and obligees under guaranties and other contracts will have to consider carefully the impact of allowing a default to be cured rather than immediately exercising all rights available at the time, including immediately engaging outside counsel and perhaps commencing litigation as a defensive measure prior to any resolution of defaults. However, if the obligee (seller) dies before the note is paid off, the note is cancelled. Each participant with a loan being rolled over should execute an acknowledgment that the acquiring firm will be substituted as the obligee on the loan. |
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Obligee
