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 ?
If several bidders submit a joint bid, they must be jointly and severally liable for the performance of the obligations under the contract.
"Maynilad shall be jointly and severally liable with the MWSS for a total amount of P921.46 million covering the period May 7, 2009 to date of promulgation (Aug.
On Tuesday, the Supreme Court held the MWSS, Maynilad and Manila Water 'jointly and severally liable' for violation of the Clean Water Act and ordered them to pay P921,464,184 each for failing to connect homes and business establishments to the sewerage system.
" "Maynilad shall be jointly and severally liable with the MWSS for a total amount of P921,464.184 covering the period of May 7, 2019 to date of promulgation," Hosaka said.
Maynilad shall be jointly and severally liable with the MWSS for a total amount of PHP921,464,184 covering the period 05/07/09 to date of promulgation.
not a personal loan), the bank is jointly and severally liable. Set out your complaint in writing and ask that the issues are fixed.
To settle the SEC's charges, Rice and Ford agreed to be held jointly and severally liable for $2,259,543 in disgorgement plus $68,423 in prejudgment interest, and each must pay a $184,767 penalty.
FGV Holdings is seeking RM2.9 million from Isa and Mohd Emir over the condominium units and RM1.6 million over their use and possession of the units, with the duo to be jointly and severally liable to pay for these sums.
BOA now seeks to find Defendants jointly and severally liable in the amount of $5,022,003.67 as of April 30, 2018, plus interest, as adjudicated by the Connecticut Superior Court on May 15, 2018 (the Connecticut Proceeding).
"Once you take out a joint financial product with someone, you are both jointly and severally liable for the full balance of the loan, and any missed payments or defaults from either party will impact on both your credit ratings."
The CMA, which opened its investigation in December 2015, said it plans to find MSD and the firm's parent company Merck & Co Inc "severally liable for the alleged infringement".
Draghi said, 'Therefore, the draft law should be amended to ensure that Banka Slovenije does not assume any liability of the State, including, in particular, in cases where both Banka Slovenije and the State are severally liable.'