GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Co-maker


Synonyms:accomplice, ally, co-op, cooperative, participant, partner, undersign
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of co-maker

co-maker
1. An individual who co-signs a promissory note. In doing so, the co-maker is responsible for the loan if any of the other co-signers back out or renege on their promise to repay the loan.

Related Terms and Acronyms:

  • co-signer   A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.
  • promissory note (PN)   A written promise to repay a loan by a specified time.

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