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LSDefine

Simple English definitions for legal terms

accommodated party

Read a random definition: take the Fifth

A quick definition of accommodated party:

Accommodated party: A person or entity that benefits from someone else signing a document or contract as an accommodation party, and who may hold that party liable for any obligations or debts incurred as a result.

A more thorough explanation:

Definition: An accommodated party is a party that benefits from the actions of an accommodation party who signs a contract and assumes liability on their behalf.

For example, if a friend asks you to co-sign a loan for them because they have poor credit, your friend is the accommodated party and you are the accommodation party. If your friend defaults on the loan, you will be held liable for the debt.

Another example is when a business owner asks their supplier to extend payment terms for a large order. The supplier may agree to do so if the business owner can provide an accommodation party to guarantee payment. In this case, the business owner is the accommodated party and the accommodation party is the one assuming liability for the payment.

These examples illustrate how an accommodated party benefits from the actions of an accommodation party who assumes risk and liability on their behalf.

accomenda | accommodation acceptance

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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