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
• Taxes owed by husbands and wives who file joint returns
• Multiple persons who commit one wrong and injure another
• Tenants under one lease, such as roommates
• Cosigners on promissory notes
• Cosigners on guarantee agreements

References in periodicals archive ?
You could, therefore, become jointly and severally liable for the debts of your co-owner even though they do not relate to the mortgage of the property.
On appeal, the plaintiff argued that she should have received the entire jury verdict, minus $150,000 for the settlement, since the defendants caused her indivisible injuries and were jointly and severally liable.
Courts in other states, including California and Tennessee, have held that participants in the chain of distribution may be jointly and severally liable for an injury caused by a defective product.
Generally, married taxpayers who file joint Federal income tax returns are jointly and severally liable for the tax under Sec.
In addition, a vicariously liable tortfeasor, such as an employer for the negligence of an employee, will continue to be jointly and severally liable with the active tortfeasor.
James Hurst, VAT senior manager at Grant Thornton's Birmingham office, said: 'The Finance Act 2003 introduced new legislation making taxpayers jointly and severally liable for unpaid VAT on a supply of telephone or computer-related equipment made by another taxpayer.
The court held that the guards were not jointly and severally liable for their failure to intervene in other guards' alleged use of excessive force during a cell transfer and transport procedure.
Roberts was not jointly and severally liable under Texas law because her liability did not exceed 50 percent.
In that case, the plan, as the investor in the partnership, would be jointly and severally liable for the partnership's obligations.
Since we are being held jointly and severally liable, if even one of us begins to earn more than the minimum, the state can take the whole $25,000 (plus interest) from that one individual.
They are jointly and severally liable for credit card payments over PS100.
If three of you are purchasing jointly then you will own the property jointly as tenants in common with each of you having a one-third share in the equity as, of course, all three of you will be jointly and severally liable under the mortgage.