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.

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.

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.

References in periodicals archive ?
The construction management services have a vital interest in the project, which stems from the special nature and merging the housing users, administrative (time) pressure and sensitivity, local economic and social interests, encouraging innovation under the co-makers and the limited deployment own project management during the construction phase.
But depositors who have outstanding obligations with the Gulf Bank, including co-makers of the obligations, and have incomplete or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.