Principal obligator is a person contractually or legally obliged to pay all principal and interest payments on a debt. Pursuant to U.C.C. § 3-103, with respect to an instrument, principal obligor means the accommodated party or any other party to the instrument against whom a secondary obligor has recourse. A secondary obligor with respect to an instrument includes:
an indorser or an accommodation party;
a drawer having the obligation; or
other party to the instrument that has recourse against another party an instrument.