Definition - What does Payor mean?
A payor is a person who is obligated to pay a sum of money to a payee under the terms of a promissory note. The payee is the person who receives the payment from the payor.
Promissory notes are similar to loans; however, they are usually less formal.
Justipedia explains Payor
It is common for promissory notes to be made in business. For example, one company may negotiate a promissory note with another company in exchange for the right to use its land temporarily. In this case, the payor would be the company who promises to pay the money, and the payee would be the company who offers the use of its land in exchange for money.
Even though it is not as formal as a loan, a promissory note can still be the subject of a lawsuit if it is not repaid.