What does the word "payor" mean?


Quick Answer

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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Full Answer

The term "payor," or "payer," derives from the Latin word "pac?re," which meant to pacify. In addition to being used as noun, "payor" can also be used as a verb to denote one is paying for something, such as a fine or service, or to note that one "pays for something" in metaphorical terms. The antonym of "payor" is "payee," which means "one to whom money is paid."

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