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
0 users found helpful
0 attorneys agreed

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

Read more
5/17/08, 11:25 am

Related Questions & Answers

More General Civil Litigation questions and answers in Ohio

Looking for something else?

Get Free Legal Advice

88333 active attorneys ready to answer your legal questions today.

General Civil Litigation Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Michael E. HendricksonAttorney & Counsellor at LawAlexandria,
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now