A person or persons who have signed an agreement without receiving value for that agreement. A loan cosigner, for example, is an accommodation party, since the cosigner receives no value for having agreed to sign as a party on the loan.
Related information about accommodation party:
- Accommodation Party - Legal Dictionary - The Free Dictionary
One who signs a Commercial Paper for the purpose of lending his or her name and credit to another party to the document—the accommodated party—to help ...
- U.C.C. - ARTICLE 3 -§3-419.
(b) An accommodation party may sign the instrument as maker, drawer, acceptor, or indorser and, subject to subsection (d), is obliged to pay the instrument in ...
- Accommodation Party: Definition from Answers.com
One who has signed an agreement without receiving value for it, for the purpose of lending his or her name so that another person can secure a necessary.
- What is accommodation party? definition and meaning
Definition of accommodation party: Individual or entity (usually a parent firm) which guarantees a loan (or other liability) of another entity (usually a subsidiary), ...
- accommodation party - Legal Definition
accommodation party definition: nounA person who, without any direct or indirect benefit, compensation, or consideration, co-signs a negotiable instrument as a ...
- What Is an Accommodation Party?
An accommodation party is a person or entity who agrees to assume responsibility for the debt of another if the obligation goes unpaid. The party lends his or her ...
- Surety - Wikipedia, the free encyclopedia
In the United States, under Article 3 of the Uniform Commercial Code, a person who signs a negotiable instrument as a surety is termed an accommodation party ...
- Accommodation Party: Want of Consideration as Defense
Can a party who signed on the note as an accommodation party raise the defense of absence or want of consideration?