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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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| In the case of both types of partnerships, the member partners might be jointly and severally liable for each other's misconduct. Generally, married taxpayers who file joint Federal income tax returns are jointly and severally liable for the tax under Sec. The ruling--in 10 consolidated appeals that resulted from 6 enforcement motions filed by the plaintiffs--holds the 12 remaining members of the Center for Claims Resolution (CCR), a nonprofit organization created to handle asbestos litigation against its member companies, jointly and severally liable for the terms of the agreement. |
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