severally


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Related to severally: Jointly and severally, Jointly and severally liable, Severally liable

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 ?
Generally, the existence of a single, indivisible injury is necessary to establish that multiple defendants are 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.
Furthermore, in light of the fact that Portielje exercised 100% control of Gosselin, the General Court was wrong to hold that the mere fact that Portielje did not take any formal management decision during the period in respect of which it was held to be jointly and severally liable for payment of the fine was sufficient to rebut the presumption of the actual exercise of decisive influence on Gosselin.
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.
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.
Gates III, a Director and principal stockholder of the Company, will severally agree to purchase at the subscription price any and all rights offering shares not purchased by other Company stockholders.
The rating action is in connection with: (i) the substitution of the irrevocable direct-pay letter of credit (LOC) severally provided by BNP Paribas (rated 'AA-/F1+', Outlook Stable), the California Public Employees' Retirement System (CalPERS; rated 'AAA/F1+', Outlook Stable) and the California State Teachers' Retirement System (CalSTRS; rated 'AA+/F1+', Outlook Stable) with a substitute LOC issued severally by JPMorgan Chase Bank, National Association (rated 'AA-/F1+', Outlook Stable), CalPERS, and CalSTRS; and (ii) the mandatory tender and the remarketing of the bonds, which will occur on Nov.
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.
As an alternative course of action, the plaintiff can pursue the two founders and TASC, jointly and severally, for $48,600.
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.