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 ?
If the bidder is a working partnership (vendor group), it shall be with the offer following a declaration of joint and several liability towards the client and third parties.
The multi-notch downgrade of Pfandbriefbank's rating for backed senior unsecured debt to Ba1 is driven by our assessment that the existing support agreement for Pfandbriefbank is less reliable than anticipated, given that several parties to the joint and several liability agreement have decided to withhold their support at a time when it was required.
Created the Patient Injury Compensation Fund to allow plaintiffs to collect reasonable compensation for any portion of economic damages that was uncollectable due to limits on joint on several liability or the trauma cap.
What does a joint and several liability clause look like?
widespread application of joint and several liability in private CERCLA
Legal minds agree that the Supreme Court decision sounds like the death knell for the prevailing reasoning in favor of imposing joint and several liability in Superfund cases where sites involve "toxic soups," which preclude any equitable, reasonable way to perform fair-share apportionment of responsibility among contributors, be they site owners or managers, disposers, and/or generators of the hazardous waste.
18) Recognizing such a claim, which some saw as a contribution claim, relieved some of the unfairness of imposing strict joint and several liability on one party or a small group of parties when others may also have [section] 107(a) liability at the same site.
The court also rejected the argument that precluding joint and several liability in a strict products liability action violates a provision of the state constitution that ensures an injured claimant the right to bring an action and bars statutory limitations on damages.
The complaints set forth several liability theories based on the relationships among the Italian firms, international entities and U.
The committee is also undertaking a review of issues surrounding joint and several liability for VAT fraud in the supply chain.
6015 provides procedures for seeking relief from joint and several liability, and is commonly referred to as "innocent spouse relief" Sec.