jointly and severally Definition | Business Dictionaries from AllBusiness.com
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Business Definition for: jointly and severally
jointly and severally

In general: legal phrase used in definitions of liability meaning that an obligation may be enforced against all obligators jointly or against any one of them separately.
Securities: term used to refer to municipal bond underwritings where the account is undivided and syndicate members are responsible for unsold bonds in proportion to their participations. In other words, a participant with 5% of the account would still be responsible for 5% of the unsold bonds, even though that member might already have sold 10%. See also severally but not jointly .

jointly and severally

  1. legal term for the liability of two or more individuals, who each agree to repay an obligation. A creditor holding an unpaid note has the option of suing each person individually or all of them as a group.
  2. in underwriting of municipal bonds, expression for a bond offering in which each member of a syndicate is liable for a portion of any unsold securities, in addition to its own participation.Also called anundivided accountor Eastern Account. See also severally but not jointly .

jointly and severally

legal phrase used in definitions of liability, meaning that an obligation may be enforced against all obligators jointly or against any one of them separately.

Copyright © 2006, 2003, 1998, 1995, 1991, 1987, 1985 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.

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