Business Glossary
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legal concept in which two or more persons have an obligation that can be enforced against them by joint action, against all members, and against themselves as individuals, hence several liability or responsibility.
legal obligation under which a party may be liable for the payment of the total judgment and costs that are associated with that judgment, even if that party is only partially responsible for losses inflicted, whether bodily injury and/or property damage.
liability under which a creditor can demand full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share.
a creditor can demand full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share.
Example: Abel and Baker are general partners . Together they borrow (or the partnership borrows) $10,000 from a bank, agreeing to joint and several liability. Upon default , the bank can collect the remaining balance of the $10,000 from either party.
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