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joint and several liability |
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joint and several liability Having full liability for the whole of a debt or injury. Comakers on promissory notes have joint and several liability,so that the lender may collect the entire amount due from only one borrower and is not limited to collecting one-half from each borrower. The following usually have joint and several liability unless required otherwise by a specific state law or contractual agreement: • Partners in a general partnership How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The committee is also undertaking a review of issues surrounding joint and several liability for VAT fraud in the supply chain. Prior to the 1998 Restructuring Act, the courts would have held that granting Lora innocent spouse relief could not have affected Isaac's tax liability since he still would be liable for the entire deficiency under the joint and several liability rule. This legal concept is known as joint and several liability. |
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