accommodation party
- It refers to an individual or entity that agrees to be legally responsible for a financial document, such as a check or promissory note, which is issued for the purpose of benefitting another party
- The company stood as an accommodation party for the bank loan their business partner wanted to secure.
- The son had to become an accommodation party to help his mother get a loan from the bank.
- The principal of the school served as an accommodation party so that the school could secure funds for renovations.
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