joint and several liability

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

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 ?
Their protests are finally being heard: lawsuit reform legislation such as Pennsylvania's Fair Share Act of 2002 has begun to change the legal landscape, amending prior practices of using joint and several liability.
Pennsylvania is not alone in its move away from joint and several liability.
Congress vested the Tax Court with jurisdiction to review the IRS's denial of a taxpayer's election to claim relief from joint and several liability under specified circumstances; see King, 115 TC 118 (2000) and Corson, 114 TC 354 (2000).
However, the Tax Court can review a claim for relief from joint and several liability in other ways (e.g., as an affirmative defense in a Tax Court deficiency petition under Sec.
Joint and several liability encourages the inclusion of deep pocket defendants such as independent accountants, lawyers, directors and underwriters in these suits in order to increase the prospect and size of settlements.
A survey by the six largest accounting firms of the cases against them involving lob-5 claims that were concluded in fiscal year 1991 showed that (i) the average claim subjecting the accounting firm to joint and several liability was for $85 million; (ii) the average settlement by the firm was $2.7 million, suggesting there might have been little or no merit to the original claim against the accountant; yet (iii) the average legal cost per claim was $3.5 million.
The filing of such a return leads to the joint and several liability from which spouses seek relief under Sec.
6013(e)) allows a spouse to escape completely joint and several liability;
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