accommodation mortgagor definition
1. security against loss or damage or for the payment of a debt or fulfillment of an obligation; a pledge, guaranty, or bond. 2. a person who has made himself or herself responsible for another, as a sponsor or bondsman. 3. the state or quality of being sure; certainty. 4. something that makes sure; ground of confidence or safety. 5. a person legally responsible for the debts of another. 6. assurance, esp. self-assurance. exists and is an alternate of . The accommodation mortgagee is someone who has loaned additional monies for repairs, maintenance and so on of the property. You would need a written consent for the property to be refinanced, as well as including that additional funding in the loan. Check with the title company. New Answer: Any mortgagee would need the mortgage executed by all the owners. The accommodation mortgagee is someone who has loaned additional monies for repairs, maintenance and so on of the property. Tell a friend about us, add a link to this page, or visit the webmaster's page for free fun content. Link to this page: <a href=http://financial-dictionary.thefreedictionary.com/Accommodation+loan>Accommodation loan</a>. Additionally, those Series D investors who invested an amount equal to or greater than 25% of the amounts invested in prior transactions involving stock or certain Accommodation Loans and Term Loans had the exercise price of any Company warrants held by such Series D investor reduced to (i) $0. Until the mortgagor fails to execute his part of the agreement, he retains possession of the property. The borrower is called the mortgagor, the lender the mortgagee. If there is a surplus after satisfying the mortgage debt it must be paid to the mortgagor, or, if he is dead, to his heir. The borrower is called the mortgagor, the lender the mortgagee. Putnam's Handy Law Book for the Layman Albert Sidney Bolles. If there is a surplus after satisfying the mortgage debt it must be paid to the mortgagor, or, if he is dead, to his heir. A shareholder does not obtain basis of indebtedness in the S corporation merely by guaranteeing a loan or acting as a surety, accommodation party, or in any similar capacity relating to a loan, except to the extent the shareholder actually performs under the arrangement (REG-134042-07 preamble; Prop. The consideration of a mortgage ordinarily is an advancement or loan, past or present, made by a mortgagee to the mortgagor. It is usual for the mortgagor to insure the property for the benefit of the mortgagee. It is not necessary that the mortgagor have absolute, unencumbered title to the property to give a mortgage. The consideration of a mortgage ordinarily is an advancement or loan, past or present, made by a mortgagee to the mortgagor. Cyclopedia of Commerce, Accountancy, Business Administration, v. 3 Various. It is usual for the mortgagor to insure the property for the benefit of the mortgagee. Up To Date Business Various. It is not necessary that the mortgagor have absolute, unencumbered title to the property to give a mortgage. A legal agreement signed by two parties whereby one of the co-signers guarantees credit liability for the other co-signer. â Accommodation loans, often called accommodation endorsements or bills, allows the guarantor to add strength to the creditworthiness of the other party. â If the receiving party defaults on its debt, the guarantor is then responsible for the debt of the other party.
It is someone who has loaned additional monies for repairs, maintenance and so on of the property.