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 ?
Once you take out a joint financial product with someone, you are both jointly and severally liable for the full balance of the loan, and any missed payments or defaults from either party will impact on both your credit ratings.
Thankfully, William paid by credit card and his bank, who are jointly and severally liable, must step in to help.
The House of Representatives said in the event the contractor fails to pay the wages, allowances and benefits of his employees based on the Labor Code and other laws, the employer shall be jointly and severally liable with the contractor to such employees to the extent of the work performed under the contract, in the same manner and extent that he is liable to employees directly employed under him.
In the case of contractual employees, the principal employer shall be jointly and severally liable with the service contractor for unpaid wage-related benefits, including the premiums for social security and welfare benefits.
Draghi said, 'Therefore, the draft law should be amended to ensure that Banka Slovenije does not assume any liability of the State, including, in particular, in cases where both Banka Slovenije and the State are severally liable.
Vouk's president, Christopher Blakley, signed the document, making him "jointly and severally liable for all amounts due under the Note, " according to the complaint.
Buying with others also means you're jointly and severally liable for the mortgage debt.
All of the individuals convicted be held jointly and severally liable for the total amount of Two Hundred Fifty Two Million Nine Hundred Fifty One Thousand and Four Hundred Fifty Eight Pesos and Seventy Two Centavos (P252,951,458.
If the item is over PS100 and was paid for by credit card then the purchaser may have extra rights under the Consumer Credit Act as the credit card provider may be jointly and severally liable, this means not only will the purchaser have a claim against the trader but they may also have a claim against the credit card company too.
In finding Sun Capital jointly and severally liable with Scott Brass for the $4.
It also lowered by 20% the fine imposed on Agroexpansion and reduced AOI's fine, arguing that it could not be held jointly and severally liable for the infringement before 18 November 1997 (date of acquisition of Agroexpansion by Intabex).