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several liability |
Also found in: Wikipedia | 0.06 sec. |
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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) |
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The only issue pending in a stand-alone case is whether the requesting spouse is entitled to relief from joint and several liability. The committee is also undertaking a review of issues surrounding joint and several liability for VAT fraud in the supply chain. 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. |
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several liability
