Simple English definitions for legal terms
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An accommodation note is a type of promissory note where an accommodating party signs and assumes secondary liability for the payment of the note. This means that if the primary party fails to pay, the accommodating party is responsible for paying the debt.
For example, if John borrows money from a bank and his friend Jane signs an accommodation note, Jane is agreeing to pay the debt if John cannot.
Accommodation notes are often used to help someone obtain credit when they may not be able to do so on their own.