several liability


Also found in: Medical, Financial.

several liability

n. referring to responsibility of one party for the entire debt (as in "joint and several") or judgment when those who jointly agreed to pay the debt or are jointly ordered to pay a judgment do not do so. A person who is stuck with "several liability" because the others do not pay their part may sue the other joint debtors for contribution toward the payment he/she has made. (See: contribution, joint and several, promissory note)

References in periodicals archive ?
If accountants in the opening example knew about the bank, the rules of joint and several liability as they existed prior to reform will allow the bank to fully recover from an accountant who was found liable in tort for negligence.
For some businesses, joint and several liability reform could be the most valuable aspect of the tort reform package.
The statute eliminates joint and several liability, limits punitive damages to three times economic damages, caps noneconomic damages at $500,000 and restricts liability for medical malpractice and faulty products.
In addition, Oxley proposes to develop a fair share allocation scheme to replace strict, joint and several liability.
of a husband and wife file a joint tax return, both parties assume joint and several liability.
Joint and several liability means if you only contributed 1 percent of the waste, you could be held liable for 100 percent of the cleanup costs.
Moreover, the court again raised the problem of joint and several liability.
Joint and several liability under Superfund is the single most important factor accounting for the virtual disappearance of environmental impairment liability insurance.
The coalition is advocating a number of reforms, starting with enactment once and for all of Fair Share Act legislation, which would repeal the unfair legal doctrine of joint and several liability.
Prior to the 1998 Restructuring Act, the courts would have held that granting Lora innocent spouse relief could not have affected Isaac's tax liability since he still would be liable for the entire deficiency under the joint and several liability rule.
Business interests, including the American Tort Reform Association, have been pursuing legislation nationwide that would eliminate joint and several liability for negligent defendants.