Legal Question in Credit and Debt Law in Maryland

Co-signer Responsibility Law

If an individual co-signs for another to purchase, say, an automobile, how long will the co-signer be responsible for the signer to pay the debt. I understand that the co-signers responsibility ends after 10 payments are made on the debt, is this true? and if so, what is the legal reference in Maryland.


Asked on 8/25/00, 11:55 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Co-signer Responsibility Law

A co-signer is responsible for the whole debt unless the agreement states to the contrary. The time period for liability would be the term of the loan plus probably 12 years for the statute of limitations (it's 12 years if the document is "under seal," which does not require an actual seal, and 3 years if not, provided suit is brought in MD). The statute of limitations runs from the date of default.

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Answered on 9/30/00, 2:50 pm


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