Accomodation Party Law and Legal Definition
Accommodation party refers to a person who, without recompense or other benefit, signs a negotiable instrument for the purpose of being a surety for accommodated party to the instrument. The accommodation party can sign in any capacity. An accommodation party is liable to all parties except the accommodated party, who impliedly agrees to pay the note or draft and to indemnify the accommodation party for all losses incurred having to pay it.
Legal Definition list
- Accomodation Paper
- Accomodation Indorsement
- Accomodation
- Accommodator
- Accommodative Monetary Policy
- Accomodation Party
- Accompaniment
- Accompanying Relative [Immigration]
- Accompanying Spouse and Dependents
- Accompanying the Armed Forces outside the United States
- Accompanying the Federal Government Outside the United States
