Payor of funds definition

Payor of funds means any person or entity that provides funds to an obligor, including an employer as defined under chapter 24 of the Internal Revenue Code, section 3401(d), an independent contractor, payor of worker's compensation benefits or unemployment benefits, or a financial institution as defined in section 13B.06.
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Payor of funds means a person or entity that provides funds to an obligor, including an employer as defined under chapter 24, section 3401(d), of the Internal Revenue Code, an independent contractor, payor of workers' compensation benefits or unemployment insurance benefits, or a financial institution.
Sample 1Sample 2Sample 3

Examples of Payor of funds in a sentence

  • Once production is established, Payor shall credit 100% of all rents and royalties due the Lessors share, and shall be paid directly to the Minerals Management Service (MMS), according to MMS instructions for the Payor of funds due from the Lease.

  • Once production is established, Payor shall credit 100% of all rents and royalties due the Tribe, and shall be paid directly to the Minerals Management Service (MMS), according to MMS instructions for the Payor of funds due from the Lease.

Related to Payor of funds