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Home > QFINANCE Dictionary > Definition of joint and several liability

Definition of

joint and several liability

Legal

obligation to meet payment together or individually a legal liability that applies to a group of individuals as a whole and each member individually, so that if one member does not meet his or her liability, the shortfall is the shared responsibility of the others. Most guarantees given by two or more individuals to secure borrowing are joint and several. It is a typical feature of most partnership agreements.

Definitions of ’joint and several liability’ and meaning of ’joint and several liability’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’joint and several liability’ and other financial terms with our online QFINANCE Financial Dictionary.

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