joint (and several) liability (responsibility)

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• joint and several liability — (law) The responsibility of any one member of a group for the actions or debts of any or all of the others, and the responsibility of the group as a whole for the actions or debts of any one member • • • Main Entry: ↑join …   Useful english dictionary

• Joint and several liability — Where two or more persons are liable in respect of the same liability, in most common law legal systems they may either be:* jointly liable, or * severally liable, or * jointly and severally liable.Joint liabilityIf parties have joint liability,… …   Wikipedia

• Joint And Several Liability — When multiple parties can be held liable for the same event or act and be responsible for all restitution required. In cases of joint and several liability, a person who was harmed or wronged by several parties could be awarded damages and… …   Investment dictionary

• joint and several — joint and sev·er·al adj: relating or belonging to two or more parties together and separately joint and several duties of the partners see also joint and several liability at liability 2b compare in sol …   Law dictionary

• several liability — see liability 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. several liability …   Law dictionary

• liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds …   Law dictionary

• joint liability — UK US noun [U] ► LAW a situation where more than one person or organization share responsibility for paying a debt or for paying for damage that has been caused, etc.: »As the partners have agreed to joint liability, if the partnership becomes… …   Financial and business terms

• liability — 1) In the broad legal sense, responsibility or obligation. For example, a person is liable to pay his debts, under the law; 2) In accounting, any debt owed by an individual or organization. Current, or short term, liabilities are those to be paid …   Financial and business terms

• Liability — A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation. The New York Times Financial Glossary * * * liability li‧a‧bil‧i‧ty [ˌlaɪəˈbɪlti] noun liabilities PLURALFORM …   Financial and business terms

• liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …   Black's law dictionary

• liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …   Black's law dictionary