severally


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severally

This is one of those words that means the exact opposite of what you might guess. It means individually,although you might think it has something to do with several people.It is most often encountered in two situations. Property may be owned severally, or ?in severalty? meaning that there is one owner with no co-owners. In addition, one might see legal liability expressed as ?jointly and severally,? such as roommates who sign a lease together. They are both liable for the entire rent (jointly), and they are each individually liable for the entire rent (severally). If there is a default, the landlord may sue both of them and collect from whoever has money, or the landlord may choose to sue only one tenant and collect the entire amount from that one tenant, not simply
one-half of the debt.

References in periodicals archive ?
Said he: "I told the students that the professor (had) taught me modern poetry and (had) severally mentioned 'modernism' in (the poetry of) T.
Relying on Yanan, the appellate court ruled that the injuries were not indivisible just because the plaintiff was injured twice in the same part of her body, and rejected the plaintiff's argument that the defendants were jointly and severally liable.
In the agreement itself, there is no specific language that says that [the companies are] jointly and severally liable," said Kelley.
Had the jury been asked to do so, United argued, it might have set United's share of fault at less than 25 percent, which would have made United only severally liable under section 2-1117.
Each bank will be severally and not jointly responsible to pay the following pro rata share of drawings under the LOC: JPMorgan Chase Bank (60%); CalPERS (20%); and CalSTRS (20%).
The Commission thus ordered Deltafina, jointly and severally with its parent company Universal Corp.
Generally, state law provides that general partners are jointly and severally liable for the partnership's obligations.
Observation: CPAs should be aware the Tax Court in Murphy agreed with the IRS that, according to IRC section 6013(d), the husband was still jointly and severally liable for the tax on the wife's gain of $50,000 if she didn't pay it.
The 'F1+' rating is currently based on (i) the external support of the Line of Credit Agreement (LCA) originally severally provided by State Street Bank and Trust Company (State Street), WestLB AG, and California State Teachers' Retirement System (CalSTRS), and (ii) LAWW's own established market access and internal liquidity support.
49 million, of which 3 million to be paid jointly and severally with Trans Euro and Team Relocations Ltd, and 1.
A and his former spouse, E, owed a series of outstanding tax liabilities jointly and severally for various joint filings during their marriage.
When a joint return is filed, IRC section 6013(d)(3) requires both taxpayers to be jointly and severally liable for any tax.