Joint And Several Liability
Definition of "Joint and several liability"
Two or more people have a legal duty that can be enforced against them by joint action, against all members, and against themselves as individuals. For example, a bank can require repayment from any and all of those who have borrowed to buy real estate property. each borrower is responsible for the entire debt, not only the percentage share.
Popular Real Estate Terms
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Mortgage for residential property. ...
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