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What is Understanding Failure of Consideration about?
The accommodated party is the party in whose favor an accommodation party signs an instrument without receiving value, for the purpose of lending their name and credit to enable the accommodated party to raise money. The accommodated party does not need to be a party to the instrument. An accommodation party lends their name to the accommodated party and is liable on the instrument to a holder for value, even if the holder knows they are only an accommodation party. However, an accommodation party is o
- Author
- Jued Cisneros
- Language
- EN