1) One who is legally bound 
(ah-bluh-jee) n. the person or entity to whom an obligation is owed, like the one to be paid on a promissory note.
• (n.) The person to whom another is bound, or the person to whom a bond is given.
(from the article `insurance`) ...which always excludes losses from persons in a position of trust. A bond involves three contracting parties instead of two. The three parties are ...
n.In an obligation,a person or an entity bound by legal agreement to receive or owe, from another person is called an obligee
Ob'li·gee' noun [ French obligé , past participle of obliger . See Oblige .] The person to whom another is bound, or the person to whom a bond is given. Blackstone. 
The person or entity to whom an obligation is owed (for example, the party to be paid on a promissory note).