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 ?
The Lakhimi Joint Liability Swabalambi Group is the brainchild of 41-year-od Abidur Rehman, a dairy farmer in Borholla district.
The court rejected State Farm's argument that the abolition of joint liability did not apply here by virtue of an amendment provision that imposes joint liability where another person was acting as "agent or servant" of the party.
Earlier, the state enacted medical malpractice reform that also reduced joint liability and restricted the venue for filing suits (Liability & Insurance Week, Oct.
SB 212 reestablishes the joint and several liability reforms of 1987, which had been weakened by the state supreme court; SB 212 only allows joint liability to be applied when a defendant is found to be 50 percent or more at fault.
It is the necessity of inspection by both manufacturer and retailer that gives rise to joint liability.
The bill would in part abolish several and joint liability, set a two-year statute of limitations after the plaintiff discovers the injury and not after the injury has taken place, and eliminates suits involving products more than 25 years old.
Centrum Microcredit Private Limited, a step-down subsidiary of Centrum Capital Limited, will focus on providing loans to un-served and under-served borrowers operating small businesses in semi-urban areas, under the Joint Liability Group (JLG) model.
According to a diplomatic source, the second draft compromise establishes mandatory joint liability in the construction sector, applicable thoughout the EU except in countries that already have an institutional authority in charge of dispute settlement.
With a view to further expanding the outreach of UCBs and opening an additional channel for promoting financial inclusion, it has been decided to allow UCBs to lend to SHGs and Joint Liability Groups (JLGs),' the RBI said.
It operates in the villages through its various programmes such as Self Help Groups (SHGs), Joint Liability Groups (JLGs), Enterprise Development Loan, Urban Micro Credit, Dairy Loan and Agriculture Transportation Loan.
It has been in microfinance lending since 2005 and operates through joint liability group model in urban and semi urban areas.
The proposed restrictions included caps on damages, limits on attorney fees, heightened standards of pleading, elimination of joint liability, restrictions on expert witnesses, and a reduced statute of limitations.
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