joint and several liability - the right of a creditor to receive repayment from any and all those persons who were a party to the credit agreement. Partners are generally jointly liable for the debts of a partnership. Thus, if three of a total of four general partners become bankrupt, the remaining partner would be liable for the entire debt of the partnership. Joint and several liability also applies in a variety of other settings, such as leases signed by more than one party and claims subject to indemnification agreements. See also right of contribution.

© 2004 Bella Vista Publishing Company, Inc.  ISBN 0-9718225-0-6

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