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.
Related terms
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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.
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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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Personal guarantee
A promise by an individual to repay another party’s debt if the primary borrower does not. For directors, it can turn company borrowing into personal exposure.
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