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Legal Terms - Accommodation
An accommodation bill is a type of bill of exchange that is accepted by an individual known as an accommodation party. This person signs the bill without receiving any form of payment or value in return. The objective of this act is to lend their name, or credit, to someone else. An accommodation party is legally responsible for the payment of a bill to a holder who has given something of value in exchange.
An accommodation bill is a type of bill of exchange that is accepted by an individual known as an accommodation party. This person signs the bill without receiving any form of payment or value in return. The objective of this act is to lend their name, or credit, to someone else. An accommodation party is legally responsible for the payment of a bill to a holder who has given something of value in exchange.
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