surety

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Related to Accommodation party: accommodation endorser

surety

1. a person who assumes legal responsibility for the fulfilment of another's debt or obligation and himself becomes liable if the other defaults
2. security given against loss or damage or as a guarantee that an obligation will be met
3. stand surety to act as a surety

surety

A person or organization who, for a consideration, promises in writing to make good the debt or default of another.
References in periodicals archive ?
170 charitable contribution deductions and the use of an exempt entity as an accommodation party in a transaction that will shift tax benefits.
2000-37 provides a safe harbor for certain "parking" arrangements, in which an accommodation party acquires and holds title to the replacement property until the taxpayer can arrange the sale of the relinquished property.
Parking transactions involve an accommodation party that holds property in an exchange so that a taxpayer does not concurrently own both the relinquished and replacement exchange properties.