obligee


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Obligee

The party to an agreement to whom an obligation is owed. An obligation is a requirement, especially a legal one. For example, an investor may have a legal obligation to disclose his/her investments to the SEC. In this circumstance, the obligee is the SEC. See also: Obligor.

obligee

A party to whom an obligation is owed.A lender is an obligee.
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creditor and obligee interchangeably, likewise debtor and obligor.
The obligee's right to obtain payment under the bid bond can be affected by certain facts.
Instead, after the obligor has asserted the expiration of the limitation as a defence, the obligee can no longer exercise the right of set-off.
From an obligee's perspective, there is need for caution in circumstances where the underlying obligation may be deemed impracticable and/or immeasurable and the application of the discretion of the judge may result in a much lower recovery than the obligee may have anticipated.
For example, prior to July 1, if an obligor earned $11,000 per month in gross income, he or she would pay the same approximate amount ($1,990) whether the obligee earned $1,500 or $4,000 per month.
* Tendering a completion contractor to the bond obligee
Penalties shall be paid to the obligee or the IV-D agency, whichever is enforcing the income deduction, if any alimony or child support obligation is owing.
Any intercepted Illinois tax return money received from the Illinois State Comptroller is paid directly to the obligee. If any money remains, it is paid to the state to reimburse for any public assistance that may have been made to the obligee.
Additionally, the Hague Convention seeks to allow state courts to exercise jurisdiction in a manner consistent with minimum contacts type rules, as opposed to the "habitual residence" of the obligee and child rules, as was the case under previous treaties and in most foreign jurisdictions.
* The new rules may make alternatives to private annuity contracts more attractive, including installment sales or installment notes that terminate at the obligee's death.
It ensures that subcontractors and suppliers will be paid so that the obligee will not be held responsible for payments due if the principal fails to pay.
The law is well settled that an increase in alimony solely because of the increased financial ability of the obligor is sustainable only in the event that at the time of the entry of the final judgment, the obligor did not have the present financial ability to pay, and the obligee was, thus, required to accept a lower amount of alimony or a corresponding decrease in the marital standard of living.