personal liability

personal liability

The responsibility of a person to pay a debt or other obligation.If an individual signs a promissory note, that individual usually has full personal liability for the debt. An exception is the unusual situation of a nonrecourse individual loan,in which the lender agrees to look only to the collateral for recovery in the event of default.Some states protect consumers from liability for a first mortgage loan on a personal residence,and require that the lender must be satisfied with taking the home by foreclosure,but may not sue for a deficiency.If a corporation signs a promissory note, the individual shareholders will not have personal liability unless they signed a guarantee agreement or unless the lender is successful with an alternate legal theory such as “piercing the corporate veil.”

References in periodicals archive ?
Coverage options can include personal liability coverage, possessions insurance, living expenses protection, and even pet bite liability.
Tenders are invited for insurance policies of the various risks of the municipality.Lot 1: civil liability generallot 2: all risk of loss or material damage of capital estate 3: personal accidents and charges electeslot 4: personal liability and elected officials
Let me first clarify an important issue that's misunderstood by many appraisers: No business entity form will insulate you from personal liability for your professional errors or omissions as an appraiser.
The personal liability of the executor of an estate, trustee of a trust, or even an officer or director of a corporation to pay claims owed to the government, such as unpaid taxes of a decedent, is broadly prescribed under the Federal Claims Priority Act.
But between deciding on the menu and going over decorations, it's understandable why thinking through your related personal liability exposure isn't top of mind.
Partners and staff of McStay Luby appointed as statutory receiver, receiver, or liquidator act as agents and without personal liability. To the extent that partners or staff of McStay Luby, acting as examiner, enter into any contract they do so without personal liability.
Compliance officers are feeling particularly vulnerable, according to the Thomson Reuters Personal Liability Report, which finds the near-universal view that personal liability in financial services is increasing.
Summary: Phil Cotter, MD, Risk at Thomson Reuters outlines Thomson Reuters's Cost of Compliance Survey 2015, which revealed that regulatory fatigue, resource challenges and personal liability are expected to increase throughout 2015
(4) Although holding bank directors liable for decisions made in their official capacity does not result in the same penalties that pirate captains received, the punishment of personal liability has been increasingly used by the Federal Deposit Insurance Corporation ("FDIC") in the past few decades and since the 2008 financial crisis in particular.
company to send Cost He has no personal liability for Garrion Design Ltd, which went into He has no personal liability for Garrion Design Ltd, which went into liquidation in September.
Moghul said, “My hope is that after reading this article, you will be able to spot some of the deceptive language that most consumer contracts tend to have on the issue of personal liability of the signatory.”
Muscat: When buying travel insurance, the most important features are medical emergencies, a worldwide personal liability and frequent travel inconveniences (loss of passport or baggage and trip cancellation).

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