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LSDefine

Simple English definitions for legal terms

cosign

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A quick definition of cosign:

Term: Cosign

Definition: When someone cosigns, they sign a paper with another person who is borrowing money. This means that if the borrower can't pay back the money, the cosigner will have to pay it back instead. Cosigners are often used for things like renting an apartment, leasing a car, or getting a credit card. If the borrower doesn't pay and the cosigner doesn't pay either, the lender can take legal action against both of them and it could hurt the cosigner's credit score.

A more thorough explanation:

Definition: When someone cosigns, they sign a document with another person who is borrowing money or leasing something. By cosigning, the person agrees to share the responsibility of paying for the item or service. If the primary borrower cannot pay, the cosigner will be responsible for paying instead. Cosigners are often used for apartment leases, car leases, and credit card applications to provide the lender with some security that they will be able to financially recover for the good. If the primary borrower stops making payments and the cosigner refuses to make payments, the lender may legally go after both parties and as a result, the cosigner’s credit could suffer.

Example: Sarah wants to lease a car but doesn't have a good credit score. Her friend, John, agrees to cosign the lease with her. This means that if Sarah can't make the payments, John will be responsible for paying them instead. By cosigning, John is helping Sarah get the car she needs, but he is also taking on some risk.

Example: Mark wants to rent an apartment, but the landlord is worried that he won't be able to pay the rent on time. Mark's parents agree to cosign the lease with him. This means that if Mark can't pay the rent, his parents will be responsible for paying it instead. By cosigning, Mark's parents are helping him get the apartment he wants, but they are also taking on some risk.

These examples illustrate how cosigning works. When someone cosigns, they are agreeing to take on some of the responsibility for paying for something. This can be helpful for the primary borrower, but it also means that the cosigner is taking on some risk. If the primary borrower can't pay, the cosigner will be responsible for paying instead.

corruption | cosigner

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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JumpySubsequentDolphin
22:39
@splitty Oregon!
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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