Posted: 03 Jan 2012 at 22:18 | IP Logged
|
|
|
Here is some info on the first part of your doubt: Article 3 of the UCC deals with negotiable instruments.I found the info in the website very useful: http://www.law.cornell.edu/ucc/3/article3.htm In particular, 3-419. INSTRUMENTS
SIGNED FOR ACCOMMODATION. says: ...(b) An accommodation party
may sign the instrument as maker, drawer, acceptor,
or indorser and, subject to subsection (d), is obliged
to pay the instrument in the capacity in which the accommodation party signs. The
obligation of an accommodation party may be enforced notwithstanding any statute
of frauds and whether or not the accommodation party receives consideration for
the accommodation.
(c) A person signing an instrument is
presumed to be an accommodation party and there is notice that the instrument
is signed for accommodation if the signature is an ..... or is accompanied by words indicating that the signer is acting
as surety or guarantor with respect to the obligation of another party to
the instrument...
(d) If the signature of a party to
an instrument is accompanied by words indicating unambiguously
that the party is guaranteeing collection rather than payment of the obligation
of another party to the instrument, the signer is obliged to pay the amount
due on the instrument to a person entitled
to enforce the instrument only if ....(it goes on to describe 4 situations..).
(e) If the signature of a party to
an instrument is accompanied by words indicating that
the party guarantees payment or the signer signs the instrument as an accommodation
party in some other manner that does not unambiguously indicate an intention
to guarantee collection rather than payment, the signer is obliged to pay the
amount due on the instrument to a person entitled to enforce the instrument
in the same circumstances as the accommodated party would be obliged, without
prior resort to the accommodated party by the person entitled to enforce the
instrument..... Hope this clarifies. -==== Passed F,B 4/11, R 8/11, A 11/11
|