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OBLIGEE OR CREDITOR
contracts. The person in favor of whom some obligation is contracted, whether such obligation be to pay money, or to do, or not to do something.Obligees are either several or joint, an obligee is several when the obligation is made to him alone; obligees are joint when the obligation is made to two or more, and, in that event, each is not a creditor for his separate share, unless the nature of the subject or the particularity of the expression in the instrument lead to a different conclusion.
OBLIGOR or DEBTOR
The person who has engaged to perform some obligation. The word obligor, in its more technical signification, is applied to designate one who makes a bond.
Obligors are joint and several. They are joint when they agree to pay the obligation jointly, and then the survivors only are liable upon it at law, but in equity the assets of a deceased joint obligor may be reached. They are several when one or more bind themselves each of them separately to perform the obligation. In order to become an obligor, the party must actually, either himself or by his attorney, enter into the obligation, and execute it as his own. If a man sign and seal a bond as his own and deliver it, he will be bound by it although his name be not mentioned in the bond. When the obligor signs between the penal part and the condition, still the latter will be a part of the instrument.The execution of a bond by the obligor with a blank, and a verbal authority to fill it up, and it is afterwards filled up, does not bind the obligor unless it is redelivered or acknowledged or adopted.