Accommodation paper -- Negotiable paper, as bills of exchange
(drafts) drawn, accepted or indorsed, or promissory
notes made or indorsed without consideration by one person
to enable another to obtain credit or to raise money.
As between the maker and the accommodation indorser
nothing can be recovered.
About the author
Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.