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Trusts & Estates Glossary: O

OBLIGEE:
One to whom an obligation is owed, such as a bondholder.

OBLIGOR:
One who has an obligation to discharge, such as a corporation which issues bonds.

OF RECORD:
As shown by the record; usually employed in such entries as "attorney of record," showing that the one named is the recognized representative of the party at interest.

OPEN-END INVESTMENT TRUST:
An investment trust in which the trustee, by the terms of the trust, is authorized to invest in shares of stock other than those in the trust at the time of the inception of the trust or of the participation in the trust.

OPEN-END MORTGAGE:
A corporate trust indenture under which bonds in addition to the original issue may be authenticated and delivered by the trustee from time to time. Compare Closed Mortgage.

OPEN ORDER:
An order placed to buy or sell a stock or other security at a fixed price.

OPTION:
An agreement that permits one to buy or sell something within a stipulated time in accordance with the terms of the agreement.

OPTIONAL PAYMENT BOND:
A bond which gives the holder the choice to receive payment of interest or principal or both in the currency of one or more foreign countries, as well as in domestic funds.

ORDER OF DISTRIBUTION:
An order by a probate or other court having jurisdiction of an estate directing distribution of estate property to persons or others entitled thereto.

ORIGINAL ASSET:
Stocks, bonds, or other property received in a trust at the time of its creation, or an estate at the time of appointment of the executor or administrator.

ORIGINAL ISSUE DISCOUNT:
An amount of imputed interest which must be recognized and reported on an accrual basis for federal income tax purposes with respect to sales of property in which payments of principal are deferred and the parties have failed to provide for adequate interest and/or payments of interest at regular intervals.

OVERT ACT:
An act done openly in pursuance of an avowed interest or design; in contradistinction to a threat without any ad to carry it out.