Cal State University National College Loan Trust 2004 versus Irizarry Summary

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National College Loan Trust 2004-1 versus Irizarry

Institution of Affiliation
Student’s Name
Course Number and Name
Instructor’s Name
Date

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National College Loan Trust 2004-1 versus Irizarry
Facts
This case involved the National College Loan Trust as the plaintiff and Louis Irizarry as
the defendant. The plaintiff complained that the defendant, Irizarry, did not pay in the
promissory note as per the agreed due period. The plaintiff argues that, since the payment had
already begun, still there were no payments made past July 2010. The case also partially
involved Anis Algahmee, who cosigned the promissory note for Irizarry. Consequently, the
National College Loan Trust charged Irizarry and Algahmee for failing to pay the promissory
note as per the date agreed upon which the loan would be due.
Procedural History
The case is about an accommodation party. An accommodation party is anybody who
signs an impassable agreement to lend their credit to another person and then acquires a note due
to their unstable financial situation (Law., 2014). In this case, Anis Algahmee endorsed a
$10,000 promissory note that qualified Louis Irizarry to acquire a student loan and, in turn,
proceed to Ohio State University. Since payment of the promissory had begun, still the Loan
Trust did not receive any money upon the agreed terms. Later, the National College Loan Trust
charged Irizarry and Algahmee for failing to submit the promissory note payment upon due
agreements. Consequently, the court passed a consent judgment in favor of the Loan Trust.
During the same day in the case, the National College Loan Trust recorded a motion for
summary judgments in the case of Algahmee. The Loan Trust ar…