Agreement Obligor Meaning
In John Bouviers (American) Law Dictionary of 1856, the term debtor is defined as follows: The term debtor is often used synonymously with debtor. A debtor is a person legally related to another. Creditors are the most common types of debtors. However, in addition to repaying the interest and capital required, many holders of corporate debt are contractually required to meet other requirements. For a bondholder, these are called Covenants and described in the first bond issue between the debtor and the debtor. The related party is always designated as the debtor, the party for who who benefits the relationship with the debtor is made. Otherwise, even if the debtor loses his job, the payments remain due and cannot be relieved of bankruptcy, like other civil judgments. When a debtor is late with court payments such as family allowances, it can lead to problems such as wage garnishment, loss of driver`s license, and other problems. As a result, most debtors take their obligations very seriously. From time to time, defaults occur on the part of over-veiled debtors.
A debtor is not required to be a bondholder or holder of any other form of debt. Someone can also become a debtor in their personal life. In family law, there are certain cases where a court order is made – for example, as part of a divorce comparison – requiring one parent to pay support to the other parent for the child. If the courts order a working spouse to pay the non-working spouse US$500 a month, the monthly payment will make him or her a debtor. In such situations, if a debtor`s financial status or income changes, the debtor may ask the court to reduce its monthly obligation. Alliances can be either affirmative or negative. An affirmative alliance is something the debtor must do, for example. B the need to achieve certain signs of performance. A negative alliance is restrictive in that it prevents the debtor from doing something, such as for example. B the restructuring of the organization`s management. 3522 of the Louisiana Civil Code debtor or debtor, the person who has undertaken to honor an obligation, the binder or the creditor means the person for whom a commitment is made, whether that obligation consists in paying money or doing something or not. .