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 ?
A joint and several liability agreement refers to a deal in which two or more parties are held liable for the same act and are all held responsible for the payment of any restitution or damages.
'Very simply, the joint and several liability undertaking means that the project will be fully backed by the financial capability of San Miguel, the parent company of SMHC.'
" In response to this, SMC in a statement said it agrees with the position of Dominguez that the company should forge joint and several liability agreements with its subsidiary for the Bulacan airport undertaking.
The arbitrator awarded petitioner only half of the total damages, reasoning that petitioner should have included Wesco as an additional respondent and that joint and several liability is not available in loss transfer proceedings.
Contribution, Not Joint and Several Liability, Is the
The downgrade thus reflects the weakness of the existing guarantee, which is a statutory joint and several liability obligation, but not unconditional and irrevocable in nature.
* Created the Patient Injury Compensation Fund to allow plaintiffs to collect reasonable compensation for any portion of economic damages that was uncollectable due to limits on joint on several liability or the trauma cap.
What does a joint and several liability clause look like?
If this is the case, the joint and several liability will be passed on to them.
If not, you can either make a chargeback claim if you used a debit card, or a Section 75 claim, which places joint and several liability on the bank for credit card payments of PS100 or more.
(8) Consistent with joint and several liability, orphan