Accommodating party sarcastic dating headlines

27-May-2017 01:23

For instance, if a borrower seeks a mortgage, but is determined to be too much of a credit risk, the financing company may require an accommodation party to become a co-signer before approving the loan.

The borrower in this case is then known as the accommodated party.

An amicable agreement or composition between two contending parties.

The paper functions as a promissory note, indicating that the surety assumes full financial obligation for the loan should the borrower default.The party lends his or her name and good credit to the financial agreement and assumes the risk of repayment if the borrower defaults.Accommodation parties, however, are generally not reimbursed for their service or entitled to any financial bonus that stems from the loan.In the Uniform Commercial Code, a situation in which a seller makes delivery of goods of insufficient quality.