Joint and several liability: Difference between revisions
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imported>Doug Williamson m (Spacing and category added 22/8/13) |
imported>Doug Williamson (Added link to several liability) |
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* [[Liabilities]] | * [[Liabilities]] | ||
* [[Limited liability]] | * [[Limited liability]] | ||
* [[Several liability]] | |||
[[Category:Compliance_and_audit]] | [[Category:Compliance_and_audit]] | ||
Revision as of 08:30, 31 March 2016
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).
