- A person who has signed a bill or note as maker, drawer, acceptor, or indorser for the purpose of lending his name to the credit of some other person. 11 Am J2d B & N § 12 1. Under the Commercial Code, absence of consideration is not a requisite of status as an accomodation party, the essential characteristic being that he signed as a surety, not that he signed gratuitously. 11 Am J2d B & N § 121.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
accommodation party — see party 1a Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. accommodation party … Law dictionary
accommodation party — One who signs commercial paper in any capacity for purpose of lending his name (i.e. credit) to another party to instrument. U.C.C. No. 3 415. Such party is a surety … Black's law dictionary
accommodation party — The person who signs an accommodation bill as drawer, acceptor, or endorser and acts as the guarantor … Accounting dictionary
accommodation party (maker) — n. A person who signs his or her name to a note or commercial paper to lend credit to another signer, the accommodated party, without consideration and thereby assuming liability for the debt; a cosigner or surety. The Essential Law Dictionary.… … Law dictionary
party — par·ty n pl parties 1 a: one (as a person, group, or entity) constituting alone or with others one of the sides of a proceeding, transaction, or agreement the parties to a contract a person who signed the instrument as a party to the instrument… … Law dictionary
accommodation paper — see paper Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. accommodation paper … Law dictionary
accommodation bill — a bill of exchange accepted by an accommodation party, that is, a person signing without receiving value and for the purpose of lending his name (and his credit) to someone else. An accommodation party is liable on the bill to a holder for value … Law dictionary
accommodation endorsement — The act of a third person the accommodation party in writing his or her name on the back of a commercial paper without any consideration, but merely to benefit the person to whom the paper is payable or to enable the person who made the document… … Law dictionary
accommodation maker — >> accommodation party. Webster s New World Law Dictionary. Susan Ellis Wild. 2000 … Law dictionary
accommodation — /akomsdeyshan/ An arrangement or engagement made as a favor to another, not upon a consideration received. Something done to oblige, usually spoken of a loan of money or commercial paper; also a friendly agreement or composition of differences.… … Black's law dictionary