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