Comakers

Two (or more) persons who sign a note. Upon such signature, each assumes full liability in the event of default by the other person(s). Generally used to assist a borrower with questionable creditworthiness to obtain financing (such as a parent signing on a child's car loan). Considered synonymous with surety. Often considered synonymous with cosigner although the specific terms of the contract may vary depending upon the signature location, whether any loan proceeds were received by the cosigner, and the parties' intent. A cosigner might recover full value in a suit brought against a borrower (after default) while a comaker's recovery against the borrower might be limited. Compare accommodation maker.