Cosigner

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Cosigner

A term referring to a person, other than the principal borrower, who signs for a loan. The cosigner(s) assumes equal liability for the loan.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Cosigner

A third party to a loan who provides a guarantee that a loan will be repaid. The guarantee by the cosigner reduces the risk that the lender will lose the money he/she has distributed to the borrower. The cosigner signs an agreement with the lender stating that if the borrower fails to repay the loan, the cosigner will assume legal liability for it. A cosigner may be an institution, but is often a relative or friend of the borrower, especially for personal loans. Persons with little or poor credit history sometimes cannot receive a loan without a cosigner. See also: Surety.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

cosigner

A person who signs a promissory note in such a capacity that he or she has equal and primary liability with another. Contrast with a guarantor, who is liable only if the original obligor defaults. A cosigner must list the promissory note as a liability on financial statements; a guarantor has only contingent liability which may never ripen into full liability.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.