- joint and several liability
-
joint and several liability see liability 2b
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 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. Amy Hackney Blackwell. 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. W. J. Stewart. 2001.
- joint and several liability
-
joint and several liability / joint and severalWhere 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 KingdomIf 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 severalUSAjoint 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. www.practicallaw.com. 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.
