Legal Definition and Related Resources of Accommodation party
Meaning of Accommodation party
One who has signed the instrument as maker, drawer, acceptor, or indorser without receiving value therefor, and for the purpose of lending his name to some other person. Neg. Inst. Law N. Y, § 55.
What does Accommodation party mean in American Law?
The definition of Accommodation party in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:
According to U.C.C. § 3-415, an accommodation party is “one who signs the [negotiable] instrument in any capacity for the purpose of lending his name to another party to it.” The key factor in receiving “accommodation party” status used to be that the accommodation party received no consideration for thus aiding the other party, the accommodated party, with his own credit. Under the U.C.C., however, the critical factor is not that the accommodation party is unpaid, but that he signs as a surety,
and is subject to the different rules governing sureties in the law of commercial paper. An accommodation party may sign as an accommodation indorser, acceptor, maker, or drawer, and there may be, therefore, various sorts of accommodation paper, e.g., bills, notes, checks, etc.
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You might be interested in these references tools:
| Resource | Description |
|---|---|
| Accommodation Party in the Dictionary | Accommodation Party in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Accommodation Party |
| Legal Maxims | Maxims are established principles that jurists use as interpretive tools, invoked more frequently in international law |
| Legal Answers (Q&A) | A community-driven knowledge creation process, of enduring value to a broad audience |
| Related topics | Accommodation Party in the World Encyclopedia of Law |
Notice
This definition of Accommodation Party Is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
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Concept of Accommodation Party in the context of Real Property
A short definition of Accommodation Party: Person who lends his name to help secure credit for another, by signing a note or other obligation without receiving consideration.
Concept of Accommodation Party in the context of Real Property
A short definition of Accommodation Party: Person who lends his name to help secure credit for another, by signing a note or other obligation without receiving consideration.
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