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 ?
Students and their cosigners receive easy-to-read disclosures when they apply, when they are approved, and upon acceptance of the loan.
Interest Repayment Option: Under this option a student,often with the assistance of a cosigner, pays only the monthly accruing interest while in college.
16, the cosigners, who included the American Academy of Pediatrics, Easter Seals Inc.
Thirty-two percent of their cosigners made payments when the primary signer could not
The Report shows that private student loans, which involve credit-based underwriting, a documented ability to repay, and a high percentage of cosigners, perform significantly better than federal loans and continue to show positive performance trends in terms of repayment, delinquencies and charge-offs.
This gives customers the peace of mind that, in the rare event of a tragedy, their families and cosigners will receive prompt and fair claim reviews.
If you have a choice of cosigners, pick one with a good credit rating.