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 ?
The accommodation party must hold legal title to the property [during the transaction] and also hold other indicia of ownership that are recognized under commercial law, such as a contract for deed.
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.