Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

accommodation party

Read a random definition: legal intromission

A quick definition of accommodation party:

An accommodation party is someone who signs a piece of paper (called a negotiable instrument) to help someone else out. They don't get anything in return for doing this. The person they are helping is called the accommodated party. The accommodation party is responsible for paying the debt if the accommodated party can't. But the accommodated party promises to pay the debt and to make sure the accommodation party doesn't lose any money because of it.

A surety is someone who promises to pay someone else's debt if they can't. They are different from a guarantor because they are directly responsible for paying the debt. They don't get paid for doing this.

A more thorough explanation:

An accommodation party is a person who signs a negotiable instrument, such as a promissory note or a check, without receiving any benefit or compensation. The purpose of signing is to act as a surety for another party, known as the accommodated party. The accommodation party can sign in any capacity, such as a maker, drawer, acceptor, or indorser.

The accommodated party is responsible for paying the note or draft and indemnifying the accommodation party for any losses incurred in having to pay it. The accommodation party is liable to all parties except the accommodated party.

John signs a promissory note for his friend, Tom, who needs a loan to start a business. John does not receive any benefit or compensation for signing the note. John is the accommodation party, and Tom is the accommodated party. If Tom fails to pay the loan, John will be responsible for paying it and seeking reimbursement from Tom.

Another example is when a parent co-signs a student loan for their child. The parent is the accommodation party, and the child is the accommodated party.

These examples illustrate how an accommodation party assumes liability for another party's debt or obligation without receiving any benefit or compensation.

accommodation paper | accommodation surety

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
soapy
10:25
I saw some Reddit adcom say that they can see any time we refresh the status checker; I wonder if it's a red flag if an applicant's checked it like 50 times in a day?
soapy
10:25
Also, can we send another LoR to a school that we've already applied to?
soapy
10:26
Or another essay?
10:30
i'll allow it
soapy
10:31
<3 thanks Fart Butt
1a2b3c4d26z
10:31
If I get rejected by a school bc I check my statuses during work then it wasn’t meant to be
10:32
cautionary tail re reddit posts: https://www.youtube.com/watch?v=5jZAQAuqSfs
LSD+ is ad-free, with DMs, discounts, case briefs & more.