jointly and severally
Definition
Term used commonly in loan agreements involving two or more borrowers. Under the legal concept of joint and several liability, a lender has the freedom to claim the full loan balance from the signatories as a group (not necessarily on a proportional or pro-rata basis) or from each of them individually. The lender may sue any signatory who has enough free assets to satisfy the lender's claim, without taking any action against the others. See also joint liability.
email to a friend
print this definition
cite this definition
link to this page
jointly and severally is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
jointly and severally appears in the definitions of the following terms:
resignation of directors,
joint and several liability,
severally,
partnership agreement,
limited partnership,
general partnership,
joint liability,
joint stock company,
joint account,
co-maker
and
This content can be found on the following page:
http://www.businessdictionary.com/definition/jointly-and-severally.html