Definition of 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 underwritingof 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.

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.

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.