joint liability

   When two or more persons are responsible for a debt, claim or judgment. Anyone making a claim can demand that everyone with joint liability for an alleged debt or claim for damages be brought into a lawsuit.

Business law dictionary. 2015.

Look at other dictionaries:

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

  • joint liability — UK US noun [U] ► LAW a situation where more than one person or organization share responsibility for paying a debt or for paying for damage that has been caused, etc.: »As the partners have agreed to joint liability, if the partnership becomes… …   Financial and business terms

  • Joint Liability — An obligation, including an obligation to repay a debt between two or more parties. A joint liability allows parties to share the risks associated with taking on additional debt, and to protect themselves in the event of legal litigation and… …   Investment dictionary

  • joint liability — The liability of two or more persons as one, so that, in the absence of statute, where one of them is sued, the other or others liable with him must be joined as defendants if living and within the jurisdiction. 39 Am J1st Parties § 37. See joint …   Ballentine's law dictionary

  • joint liability — legal responsibility that is shared between two or more people …   English contemporary dictionary

  • liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds …   Law 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 — 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 — adj 1: common to two or more: as a: involving the combined activity or negligence of two or more a joint tort see also joint tortfeasor compare several b …   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

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