By deifinition Co-maker means one of two or more persons who sign an instrument to indicate a promise to pay a financial obligation. Any co-maker may be sued for the entire amount of the indebtedness, although a co-maker who is forced to pay more than his or her share may seek contribution from the other co-makers.
The co-maker has an obligation as if he is the principal borrower. While FICCO exerts every effort to collect from the principal borrower, if the principal borrower cannot pay his loan, FICCO can run after the co-maker. Also, while FICCO is pursuing collection from the principal borrower, the co-maker, in the event he applies for a loan, is obligated to pay certain amount of the principal due including interest before his own loan is released or if he agrees, the delinquent loan will be deducted from his loan proceeds.
It is advise that before a member co makes a loan be sure you understand thoroughly your obligation in case of dafult by the principal borrower.
Subscribe to:
Post Comments (Atom)
-
You'll need the Audited FS of your cooperative to start with. the following data's are important in computing the Dividend and Pa...
-
During the scouting activity of the Rover Scouts in Corregidor and Bataan, Fr. Walter Hogan asked those coming from San Dionisio what ac...
-
Punto Uno (Point One): Kahimyang Project website discusses Why Leni should initiate a Definitive Inquiry on Her Husbands Death. This can be... -
What started as a small, closed-type credit union, the First Community Cooperative (FICCO) is now into helping cooperative rural banks get ... -
Secretary Gary B. Teves signed the RMC 57-2009 dated October 5, 2009 directing the BIR to stop issuing tax assessments to cooperatives duly ... -
The growth of FICCO in terms of membership, assets and capital is phenomenal. As of end of May 2007, our coop boasts of almost...
2 comments:
I want not acquiesce in on it. I think nice post. Particularly the designation attracted me to read the unscathed story.
Genial post and this enter helped me alot in my college assignement. Thanks you for your information.
Post a Comment