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 ?
The CFPB report includes a borrower who made 36 consecutive on-time payments, asked for her cosigner to be released from the private loan, and was denied because several payments--to her surprise--were counted as late due to the payment processing delay.
Smith did not notice that the papers named her as the primary noteholder--not as a cosigner for Treadway.
The $14 million New York University Federal Credit Union reported that its student card program would not face much impact from the new law-primarily because the CU already asked for a cosigner for student cards.