Joint and several liability: Difference between revisions
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''Law''. | ''Law''. | ||
Joint and several liability means a creditor may sue one or more of the parties to a liability separately, or all of them together, for the whole amount of the liability. | Joint and several liability means a creditor may sue one or more of the parties to a liability separately, or all of them together, for the whole amount of the liability. | ||
This is a more favourable arrangement for the creditor, and less favourable for the parties undertaking the liability, compared with ''several liability'' (where each party’s liability is limited to a proportionate share of the whole amount). | This is a more favourable arrangement for the creditor, and less favourable for the parties undertaking the liability, compared with ''several liability'' (where each party’s liability is limited to a proportionate share of the whole amount). | ||
== See also == | == See also == | ||
* [[Liabilities]] | * [[Liabilities]] | ||
* [[Limited liability]] | * [[Limited liability]] | ||
[[Category:Compliance_and_audit]] | |||
Revision as of 13:59, 22 August 2013
Law.
Joint and several liability means a creditor may sue one or more of the parties to a liability separately, or all of them together, for the whole amount of the liability.
This is a more favourable arrangement for the creditor, and less favourable for the parties undertaking the liability, compared with several liability (where each party’s liability is limited to a proportionate share of the whole amount).
