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accommodation party |
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accommodation party One who signs a promissory note even though he or she receives no direct economic benefit from it.Typically, a financially strong party who must add his or her name to the transaction or the true borrower would not qualify for the loan. There is a widespread and mistaken belief among accommodation parties that they simply signed their name but will not be held responsible if the loan goes into default. This is incorrect; they will be held liable for the full amount of the loan if there is a default.(Do not confuse with accommodating party.) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| ? Mentioned in | ? References in periodicals archive | |
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| 170 charitable contribution deductions and the use of
an exempt entity as an accommodation party in a transaction that will
shift tax benefits. * The accommodation party must hold legal title to the property
[during the transaction] and also hold other indicia of ownership that
are recognized under commercial law, such as a contract for deed. On the taxpayer's behalf, an accommodation party purchased
property intended to be replacement property for the park property. |
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