Cosignatory Meaning: Definition, Examples, and Translations
๐๏ธ
cosignatory
[koสหsaษชnษtษri ]
Definition
legal agreement
A cosignatory is an individual who signs a document along with another party, typically to guarantee the performance of an obligation or to validate a contract. This role is often found in legal and financial contexts where two or more parties are jointly responsible for the terms outlined in an agreement.
Synonyms
co-signer, guarantor, joint signatory.
Examples of usage
- The lender required a cosignatory for the student loan.
- As a cosignatory, she shared the financial responsibility of the lease.
- He acted as a cosignatory to facilitate the loan approval.
- The bank insisted on a cosignatory before finalizing the mortgage.
Translations
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Origin of 'cosignatory'
The term 'cosignatory' originates from the combination of the prefix 'co-', which means 'together' or 'jointly', and 'signatory', which comes from the Latin 'signatorius', meaning 'one who signs'. The use of 'co-' emphasizes the idea of shared responsibility in signing agreements or contracts. This term has been used in legal contexts to designate individuals who co-sign documents, which often include financial obligations, lease agreements, or legal contracts. The concept of cosigning is especially important in scenarios where one party alone may not be considered financially reliable or credible by a lender or authority. The formalization of this idea in legal texts and practices has made the role of the cosignatory essential in various financial transactions.