Abstract: Air drying resins and methods for preparing and using the same are provided which are both water- and solvent-soluble and have a combination of properties desirable for different types of applications, for example as being suitable for coating compositions. The resins include a polyesteramide prepared from: A) at least one anhydride chosen from the list containing succinic, glutaric, citraconic, itaconic or maleic anhydride or a combination of any of them, and B) at least one alkanol-amine, and C) at least one fatty acid, wherein the fatty acid is incorporated in the resin in an amount equivalent to an oil-length between 15 and 40%.