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joint and several liability
(redirected from Severally liable)

    Also found in: Medical, Legal, Wikipedia 0.01 sec.
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
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Taking the second point, if you are getting a mortgage you and your co-owner will be jointly and severally liable for all amounts which become due under the terms of the mortgage.
The issues of co-ownership; There are important issues to be ... by The Journal (Newcastle, England)
In the instant scenario the said members shall be jointly and/or severally liable for all acts and omissions committed post-six months as above said.
Exceptions to the Concept of Limited Liability Indian Companies Law by Hemant K. Batra / Law community
Remember that you will all be signing the same tenancy agreement, which makes you all jointly or severally liable for the rent.
Advice for Tenants; Checklist to Avoid the Most Common Pitfalls when ... by Graham Drage / Real estate industry community
 
 
 
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