legal definition of payor
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- Definition of PAYER, or PAYOR: One who pays, or who is to make a payment; particularly the person who is to make payment of a bill or note. Correlative to “payee.” The Law Dictionary Featuring Black's Law Dictionary Free Online Legal Dictionary 2nd Ed.
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Third Party Payor Any organization, public or private, that pays or insures health or medical expenses on behalf of beneficiaries or recipients, such as commercial insurance companies, Medicare, and Medicaid. A person generally pays a premium for coverage in all such private and in some public programs.
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Air Conditioner Wonât Turn On? Hereâs What to Do 1 The condenser unit won’t turn on: If your condenser unit won’t turn on at all, you may have a faulty motor or the unit may not be receiving power. 2  Examine all wiring and ensure that the unit is plugged in. The condenser unit won’t turn on: If your condenser unit won’t turn on at all, you may have a faulty motor or the unit may not be receiving power. 2  Examine all wiring and ensure that the unit is plugged in.
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Settlor In law a settlor is a person who settles property on trust law for the benefit of beneficiaries. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator.
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- Related Legal Terms and Issues. 1  Amendment – An official change made to a form or document. 2  Beneficiary – A person named in a will or trust as the intended recipient of assets or property. 3  Bequest – Giving or leaving something to a person as stated in a will.
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debtor Debtor. 1  Borrower of money. 2  A person, company, or other organization that owes money to another individual, company, or organization. Generally speaking, a debtor acquires debt for a specific purpose, such as to fund a college education or to purchase a house. 3  An individual or organization that owes a debt or has an obligation to another party.
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- bailor definition: Law the party who delivers property to another under contract of bailment...
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- B. A person who is obligated by an order to pay support or spousal maintenance, the person to whom support or spousal maintenance is ordered to be paid or the department or its agent in a title IV-D case may file a verified request with the clerk of the superior court requesting the clerk to issue an ex parte order of assignment for support or ...
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"What Does the Word ""payor"" Mean?" According to TheFreeDictionary.com, the term payor is a legal term that refers to one who must make payment on a promissory note. The word payer is also used to describe the same function.
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- payor benefit. A provision under which premiums are waived if the person paying the premiums becomes disabled or dies. This option is often used when the insured is the child or spouse of the policyholder. Suggest an improvement or addition to the Insurance and Risk Management Glossary.
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- The person to whom the money is payable is called the payee. He was angry with himself for having paid his note before he had enlisted the payee in his cause. The party signing the note is called the maker, the party to whom it is made payable is called the payee.
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- (j) Payee means the person named in the instrument to whom or to whose order the money is by the instrument directed to be paid. (k) Holder means a person entitled in his own name to the posession of a Negotiable Instrument and to recieve the amount due on it.
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What is PAYER, or PAYOR? payer, payer bank, floating-rate payer, payor benefit, third party payor, payer swaption, notice of dishonor, personal demand, payee, demand draft Link to This Definition Did you find this definition of PAYER, or PAYOR helpful? You can share it by copying the code below and adding it to your blog or web page.
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Definition of Representative Payee Definition of Representative Payee. Claimants who receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) and are minors or who are determined not able to manage their own funds will have a representative payee assigned to manage their money for them. A representative payee must use the funds for the benefit of the claimant.
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- noun, plural accounts payable. 1. a liability to a creditor, carried on open account, usually for purchases of goods and services. Origin of account payable. 1935-1940.
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Representative Payee (SSA) Law and Legal Definition The term Representative Payee is unique to the Social Security Administration (SSA); however the role of representative payee is simply one of agency, that is, the representative payee is the designated agent for a recipient of Social Security benefits whom the SSA has determined to be incapable of managing his or her SS or SSI benefits.
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- Legal Definition list. Bind; Binational Commission [Education] Billy Club; Bills Payable; Bills in a Set; Bind Over; Binder; Binding Arbitration; Binding instruction; Binding Precedent; Binding Receipt (Health Care)
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- Holders of official and diplomatic passports on official business must obtain a visa from a Turkish embassy or consulate before arrival in Turkey. All travelers planning to stay more than three months for any purpose are required to obtain a visa from a Turkish embassy or consulate.Such travelers must also apply for a residence/work permit or Turkish ID card within the first month of their arrival in Turkey.ll travelers planning to stay more than three months for any purpose are required to obtain a visa from a Turkish embassy or consulate. Such travelers must also apply for a residence/work permit or Turkish ID card within the first month of their arrival in Turkey.
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What is difference between payor and payee? As Garrick states, a payor/payer is the one who gives the money; a payee is one who receives it. These roots extend to other word pairings, where an -ER or -OR ending denotes one who performs an action, and an -EE ending refers to the person to whom the action is performed (for example, an employer gives jobs, and an employee receives one). Views.
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The Difference Between a Grantor & a Beneficiary Grantor is the legal term for a person who creates a trust, and beneficiaries are people named by the grantor to benefit from the trust by receiving the trust's property.The legal terms grantor, settlor, and creator have the same meaning and can be used interchangeably.he grantor can appoint one of the beneficiaries to be the trustee. However, the grantor cannot be the trustee of an irrevocable trust. The terms of the trust instruct the trustee on what duties to perform and how to distribute property to the beneficiaries.
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What is a payee? Answer by Yarnlady. Confidence votes 2.9K. The payee is the one that receives a payment. On a check or money order, the payee is the person the check is made out to. This is the person who can cash the check, or deposit it into his account.On a promissory note he is the one who receives the money from the loan.nswer by Yarnlady. Confidence votes 2.9K. The payee is the one that receives a payment. On a check or money order, the payee is the person the check is made out to. This is the person who can cash the check, or deposit it into his account.
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PAYER Meaning: A person who pays money for something. Classified under: Nouns denoting people. Synonyms: payer; remunerator. Hypernyms (payer is a kind of...): money dealer; money handler (a person who receives or invests or pays out money) Hyponyms (each of the following is a kind of payer): drawee (the person (or bank) who is expected to pay a check or draft when it is presented for payment) paymaster (a person in charge of paying wages)
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Payment Terms Law and Legal Definition Payment Terms Law & Legal Definition. Payment terms are conditions of payment on the basis of which a sale is made by the seller. These terms specify the period granted to a buyer to pay off the sale amount due.Payments can be made in many ways.ayment Terms Law & Legal Definition. Payment terms are conditions of payment on the basis of which a sale is made by the seller. These terms specify the period granted to a buyer to pay off the sale amount due. Payments can be made in many ways.
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- (April 2015) A payment is the transfer of an item of value from one party (such as a person or company) to another in exchange for the provision of goods, services or both, or to fulfill a legal obligation. In law, the payer is the party making a payment while the payee is the party receiving the payment.
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Â§ 9-102. DEFINITIONS AND INDEX OF DEFINITIONS. (3) Account debtor means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper.