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accommodation party

   Also found in: Legal, Encyclopedia, Wikipedia 0.01 sec.
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.)



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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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