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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 IRS withheld a refund P chimed on a subsequent individual return to partially offset the previous unpaid joint liability (the offset). But Ilse Metchek, executive director of the California Fashion Association, said the enforcement locus should be on factories that are not registered, not working for a known or branded manufacturer, or without a strategic partner that can handle the joint liability. Provisions in a divorce decree that maintain continued joint liability may not be effective in preventing the IRS from imposing liability on only one spouse. |
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