Joint liability
An obligation shared by two or more people or organisations. The agreement and law determine whether each party can be pursued for all or only part of the debt.
Related terms
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Joint and several liability
A form of liability where each liable person can be pursued for the whole amount, leaving those parties to sort out contributions between themselves.
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Co-borrower
A person who borrows jointly with another and is usually responsible for the debt under the terms of the agreement.
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Co-guarantor
One of two or more people who have guaranteed the same debt. The guarantee wording determines how responsibility is divided or enforced.
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