Definitions for "Joint and several liability"
a situation in which two or more parties are liable for repayment of a debt or obligation and a creditor can be compensated from them either individually or jointly. definition of joint and several liability defined definition of joint liability defined
A situation in which a creditor may sue one or more of the parties separately, or all of them together.
Liability shared among two or more people, each of whom is liable for the entire obligation.
When more than one person takes out a loan, most lenders require all the borrowers to be responsible for the loan if there is a default. This means that if anyone defaults the other borrowers are responsible for that personĂ¢â‚¬(tm)s share of the loan.
A condition where two or more persons or legal entities are jointly and severally responsible for an obligation.
Obligation from one or all the borrowers to their lender.