As the court discusses in the Couchot case, many accommodation parties and guarantors do not understand their
Question:
As the court discusses in the Couchot case, many accommodation parties and guarantors do not understand their liability when they sign an instrument. (As the saying goes, “Nothing is more dangerous than a fool with a pen.”) Should the UCC require that some sort of disclosure be made to an accommodation party or guarantor before they sign? That their obligations be clearly spelled out? What language would you require for a guaranty to be valid?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Business Law and the Legal Environment
ISBN: 978-1133587491
5th edition
Authors: Jeffrey F. Beatty, Susan S. Samuelson
Question Posted: