The use of the word "only" in front of the description "an obligation" is what is really misleading. Another way of saying "we don't know who's holding the deb

The use of the word "only" in front of the description "an obligation" is what is really misleading. Another way of saying "we don't know who's holding the debt and who owes it" is to say: "I don't have the cash on hand to pay you what I owe you but I promise you that the cheque will be in the mail any day now."