Joint And Several

What is Joint and Several Liability?

Joint and Several Liability is a legal term which refers to responsibility between two or more people. In reference to a debt, Joint and Several means that the lender can pursue repayment for a joint account either separately, or against both parties as it deems necessary. A good example of this is if you act as a guarantor on an account you are equally liable to be pursued for any outstanding amounts even if you have not actively used the agreement yourself.

A claimant may pursue an obligation against any one party as if they were jointly liable and it becomes the responsibility of the defendants to sort out their respective proportions of the payment owed. This means that if the claimant pursues one defendant and receives payment, that defendant must then pursue the other obligors for a contribution to their share of the liability. Many see Joint and Several as unfair as it does not equally distribute responsibility to the parties concerned however, it does protect lenders from being under-compensated for any losses on an agreement.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
keyboard_arrow_left

keyboard_arrow_right

We are rated number 1 for customer service on