Legal Question in Civil Litigation in Ohio

financial responsibilith

my wife cosigned a loan for our grandson to buy a car. if he would be involved in a serious accident could the party he hit sue us for our assets.

Asked on 5/17/08, 11:12 am

1 Answer from Attorneys

J. Norman Stark J. Norman Stark , Attorney, Architect
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Re: financial responsibilith

Dear Concerned Grandparents: Your concerns are well founded. By accepting financial responsibility for your Grandchild, you have done just that - assumed financial responsibility for any adverse event, including his failure to pay for the car.

You should insist that he have a valid insurance policy with a sizeable liability coverage, and include you, with your name, etc. on that policy as an additional insured.

I think it was Mark Twain who said that an accommodation party is an idiot with a pen!

No offense intended, but be cautious for whom and for what you assume liability and financial responsibility.

Good luck and God Bless. Sincerely, J. Norman Stark

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Answered on 5/17/08, 11:25 am

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