joint and several liability


joint and several liability
joint and several liability see liability 2b

Merriam-Webster’s Dictionary of Law. . 1996.

joint and several liability
Where two or more people enter into an obligation such as a guarantee together, joint and several liability means that the lender or creditor can recover the whole indebtedness from any one of them. They are then left to sort out their respective contributions between themselves.

Easyform Glossary of Law Terms. — UK law terms.


joint and several liability
n.
Liability for an enterprise shared by two or more people that can be applied to the group as a whole or to individuals, so that each is individually responsible for performing the entire obligation and each can be sued independently for failure to fulfill it, while at the same time the group is also responsible for the obligation and can be sued as a whole.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


joint and several liability
liability where a person can be sued jointly with others or individually for the whole sum, leaving it to the person sued to recover from the others with whom he is jointly liable. For example, every partner is jointly liable with his co-partners and also severally liable for everything for which the firm becomes liable while he is a partner.

Collins dictionary of law. . 2001.


joint and several liability
joint and several liability / joint and several
Where two or more parties assume liability and each is treated as having assumed the obligation both collectively, on behalf of all those bound, and also individually for itself. The third party may choose to proceed against any one or more of the co-obligors for the full performance of the obligation (or for all its loss or damage arising from a breach or failure by any of them to perform), irrespective of which of them caused the breach. Performance by one debtor discharges the liability of the others as against the third party. The co-obligors may, however, have rights of recovery against each other.
Related links
+ joint and several liability United Kingdom
If there are more than two parties to a contract, liability for obligations under the contract may be split in the following ways:
• Joint - if A and B jointly agree to pay X £1,000 then X is entitled to £1,000 and must claim the whole amount from A and B together.
• Several - if A and B severally agree to pay X £1,000 then X is entitled to £1,000 from A and a further £1,000 from B.
• Joint and several - if A and B jointly and severally agree to pay X £1,000 then X is entitled to £1,000 and may claim the whole of it from either A or B.
+ joint and several liability / joint and several
USA
joint and several liability, Also known as joint and several.
In the case of more than one obligor to an obligation, with respect to the claimant, the parties are jointly liable (joint liability), but as between obligors themselves, the liabilities are several (several liability). When one obligor pays the claimant in full on the obligation, that obligor can then pursue the other obligors for a contribution for their share of the liability.
Bank loan agreements that have more than one borrower often state that the borrowers are jointly and severally liable to repay the loans regardless of which borrower actually borrowed the money.
Another example is a stock purchase agreement with more than one seller where the sellers' indemnification obligations may be joint and several so that each seller is liable to the buyer for 100% of the damages (rather than just its proportionate share).
Glossary

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


joint and several liability
A designation of liability by which members of a group are either individually or mutually responsible to a party in whose favor a judgment has been awarded.

Dictionary from West's Encyclopedia of American Law. 2005.


joint and several liability
I
A designation of liability by which members of a group are either individually or mutually responsible to a party in whose favor a judgment has been awarded.
II A legal doctrine that makes each of the parties who are responsible for an injury, liable for all the damages awarded in a lawsuit if the other parties responsible cannot pay.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

Look at other dictionaries:

  • joint and several liability — ➔ liability * * * joint and several liability UK US noun [U] ► LAW a situation where each of the people or organizations in a group is responsible, as a group and separately, for paying a debt, paying for damage that has been caused, etc.: »The… …   Financial and business terms

  • joint and several liability — The liability of more than one person for which each person may be sued for the entire amount of the damages. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • joint and several liability — (law) The responsibility of any one member of a group for the actions or debts of any or all of the others, and the responsibility of the group as a whole for the actions or debts of any one member • • • Main Entry: ↑join …   Useful english dictionary

  • Joint and several liability — Where two or more persons are liable in respect of the same liability, in most common law legal systems they may either be:* jointly liable, or * severally liable, or * jointly and severally liable.Joint liabilityIf parties have joint liability,… …   Wikipedia

  • Joint And Several Liability — When multiple parties can be held liable for the same event or act and be responsible for all restitution required. In cases of joint and several liability, a person who was harmed or wronged by several parties could be awarded damages and… …   Investment dictionary

  • joint and several liability — The liability of joint tortfeasors. 52 Am J1st Torts § 110. The liability of the two or more contracting parties on one side under an agreement in such terms as to engage the two or more jointly and each one individually. See joint and several… …   Ballentine's law dictionary

  • joint and several liability — Fin a legal liability that applies to a group of individuals as a whole and each member individually, so that if one member does not meet his or her liability, the shortfall is the shared responsibility of the others. Most guarantees given by two …   The ultimate business dictionary

  • joint and several liability — A liability that is entered into by a group, on the understanding that if any of the group fail in their undertaking the liability must be shared by the remainder. Thus, if two people enter into a joint and several guarantee for a bank loan, if… …   Accounting dictionary

  • joint and several liability — A liability that is entered into as a group, on the understanding that if any of the group fail in their undertaking the liability must be shared by the remainder. Thus if two people enter into a joint and several guarantee for a bank loan, if… …   Big dictionary of business and management

  • joint and several liability — солидарная ответственность …   Glossary of international commercial arbitration


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