Charles (Chuck) Rubin, in his Rubin on Tax blog, discusses accommodation party status in Erick A. Palma, MD., et al. v. South Florida Pulmonary & Critical Care, LLC, 45 Fla. L. Weekly D2175a. The article begins as follows:
In an interesting case, two doctors co-signed a promissory note with others of an LLC where they were members, and that was their employer, payable to a bank. They later left the practice, and the LLC sought to collect from them their share of the liability to the bank. An interesting aspect of suretyship law avoided liability for the doctors.
To see the full article, click: A Co-Maker of a Promissory Note Is Not Always Liable to the Co-Signer [Florida]
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.