joint and several liability

Popular Terms
Together and in separation liability. In joint and several agreements, the liability for default is enforceable against all of the signatories as a group (not necessarily on a proportional or pro-rata basis), or against any one of them as an individual at the choice of the enforcing party. See also jointly and severally.

Use 'joint and several liability' in a Sentence

If you want to make sure that you aren't the only one liable you can try to get people to sign up as JOINT AND SEVERAL LIABILITY.
19 people found this helpful
The joint and several liability indicated that the individual would be responsible in ensuring each party involved would be made whole.
16 people found this helpful
Trevor needed his parents to stand behind him in his loan, so he filled for joint and several liability, raising the risk that they might be negatively impacted by his expensive lifestyle.
14 people found this helpful

Email Print Embed

Mentioned in These Terms