Legal Question in Business Law in Iowa

contract

Is co-owner the same as co-signer? If an individual is co-signer on a loan does that mean they are the co-owner and can take possession at any time?


Asked on 12/10/03, 9:45 am

2 Answers from Attorneys

Barry040 Bayer Law Offices of Barry D Bayer

Re: contract

in general, no.

if a cosigner pays, he may have rights in the security (presumably, the automobile or other property in question) but, without some agreement between the primary borrower and the cosigner, there would be no automatic rights.

Better see an attorney on this if the money is significant.

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Answered on 12/10/03, 10:02 am
Thomas Moens Moens Law Offices, Chartered

Re: contract

Not even close. A co-signer simply agrees to be jointly obligated on a debt. Got nothing to do with ownership.

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Answered on 12/10/03, 10:33 am


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