The defendant signed the following note in favor of the plaintiff:
“…for value received, we jointly and severally promise to pay to the order of R. N. Clark…”
Note matured but amount was not paid. Defendant contends he only an accommodation party.
Whether or not defendant is liable as accommodation party.
YES. The liability of defendant, as one of the signers of the note, is not dependent on whether he has, or has not, received any part of the amount of the debt. The defendant is really and expressly one of the joint and several debtors on the note, and as such he is liable under the provisions of section 60 of Act No. 2031, entitled The Negotiable Instruments Law, which provisions should be applied in this case in view of the character of the instrument.