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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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| 6015 provides procedures for seeking relief from joint and several liability, and is commonly referred to as "innocent spouse relief" Sec. Individuals who file a joint tax return accept joint and several liability for any underpayments. In its simplest form, joint and several liability means that group members must share in any shortfalls that may result from the program's adverse loss experience. |
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