accommodation paper

accommodation paper. A negotiable instrument that one party cosigns, without receiving any consideration, as surety for another party who remains primarily liable. • An accommodation paper is typically used when the cosigner is more creditworthy than the principal debtor. — Also termed accommodation bill; accommodation note. [Cases: Bills and Notes 49, 96. C.J.S. Bills and Notes; Letters of Credit §§ 24–25, 63.]

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词条贡献者

法律翻译亚明，毕业于欧洲顶尖的高级翻译学院，专注翻译各类与汽车与运输有关的法律文件。