The Collaborative International Dictionary of English v.0.48:

obligee \ob`li*gee"\ ([o^]b`l[i^]*j[=e]"), n. [F. oblig['e], p.
   p. of obliger. See Oblige.]
   The person to whom another is bound, or the person to whom a
   bond is given. --Blackstone.
   [1913 Webster]