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Co-Maker or Co-Signer
Co-signer and co-maker are synonymous terms. The terms refer to a person who signs the promissory note for the borrower and so equally liable for the debts. The borrower himself cannot be the co-signer. He should be an individual other than the borrower to provide security for the credit provided by the creditors.
In other words, he provides assurance to the repayment ability of the debtor . His sign is considered as a security for the credit extended by the creditor. So incase of default of payment, he is answerable to the creditor and should repay the debts in the place of the borrower.
Usually, co- signing is required for a contract like loan. A co-sign should be done apart from the principal signature of another. Both signers are liable for the credit. By co-signing a contract, the person becomes the obligator for the loan. He is held equally responsible for the repayment of the debt.
More terms explained
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