Cosigner

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Cosigner

An obligor—a person who becomes obligated, under a Commercial Paper, such as a promissory note or check—by signing the instrument in conjunction with the original obligor, thereby promising to pay it in full.

The cosigner may be held equally responsible for the payment of the debt or may be required to pay only upon the failure of the original obligor to do so, depending upon state law and the terms of the agreement that also determine the rights of the cosigner.

Cosigner is synonymous with the term comaker.

See: comaker
References in periodicals archive ?
Summary: The University of Chicago has signed a participation letter with the new International Student Loan Programme (ISLP), which will provide loans requiring no co-signer to international students at the University of Chicago Booth School of Business.
1% Encourage students to get a co-signer on loan applications 77.
With regard to credit cards, co-signers should know that the creditor can raise the debtor's credit limit without the co-signer's knowledge, making the dollar amount of the debt unpredictable," advises Steve Rhode, president and cofounder of Rockville, Maryland-based Debt Counselors of America, a nonprofit organization.
The letter's co-signers stand ready to assist the Senate as they markup the bill and they strongly urge its passage.
Assistant director of the office of financial aid at ETSU, Lisa Bell, added : 'One of the big changes is the past emergency loan and short-term loan that we had required co-signers, and now, we ve taken the co-signers off.
An earlier version of this story incorrectly said that only the school's board members could be co-signers on a bank loan.
Applicants doubling up or acquiring co-signers also improved overall credit quality.
Renters now have an alternative to the current practice of providing significant additional security or finding "qualified" co-signers.
Some applicants bring in guarantors, but those co-signers have to show incomes of 80 times the monthly nut.
However, even some of the co-signers of the motion voiced reluctance Tuesday to call an immediate vote.
The company was free to charge whatever rate it wanted by requiring that borrowers secure their loans against their cars and their homes or the homes of co-signers.
Fitch considers loans with co-signers (mostly parents) to be generally less risky, given that co-borrowers with established credit histories would be less likely to view bankruptcy as a favorable option relative to a younger generation of borrowers who obtained the loans on their own.