joint and several

   In finance, a concept that refers to a debt in which each debtor is liable for the entire amount of the debt. For example, if it is stated in a promissory note that more than one person owes the funds to be paid, the debt is joint and several, because the creditor can collect the entire amount from any of the joint signers of the note and not be limited to a share from each. In the same way, in a business with general partners, each partner is individually liable for all the debts of the partnership.

Business law dictionary. 2015.

Look at other dictionaries:

  • joint and several — joint and sev·er·al adj: relating or belonging to two or more parties together and separately joint and several duties of the partners see also joint and several liability at liability 2b compare in sol …   Law dictionary

  • Joint and several — Joint Joint (joint), a. [F., p. p. of joindre. See {Join}.] [1913 Webster] 1. Joined; united; combined; concerted; as, joint action. [1913 Webster] 2. Involving the united activity of two or more; done or produced by two or more working together …   The Collaborative International Dictionary of English

  • joint and several — A legal expression used to indicate that two or more parties each are fully liable rather than together fully liable. For example, if two individuals execute joint and several guaranties, either one can be asked to repay the entire amount of the… …   Financial and business terms

  • joint and several — adjective : constituting or relating to rights which two or more persons entitled thereto may assert either together or separately or to duties and liabilities of two or more persons for which they may be held liable either together or separately …   Useful english dictionary

  • joint and several — A term importing unity, as distinguishing from separate or several which implies division or distribution. Merrill v Pepperdine, 9 Ind App 416, 36 NE 921 …   Ballentine's law dictionary

  • joint and several — adjective (of a legal obligation) undertaken by two or more people, each having liability for the whole …   English new terms dictionary

  • joint and several liability — see liability 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. joint and several liability …   Law dictionary

  • joint and several liability — ➔ liability * * * joint and several liability UK US noun [U] ► LAW a situation where each of the people or organizations in a group is responsible, as a group and separately, for paying a debt, paying for damage that has been caused, etc.: »The… …   Financial and business terms

  • joint and several contracts — A joint contract is one made by two or more promisors, who are jointly bound to fulfill its obligations, or made to two or more promisees, who are jointly entitled to require performance of the same. A contract may be several as to any one of… …   Black's law dictionary

  • joint and several liability — (law) The responsibility of any one member of a group for the actions or debts of any or all of the others, and the responsibility of the group as a whole for the actions or debts of any one member • • • Main Entry: ↑join …   Useful english dictionary

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