several liability


Also found in: 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 ?
Custer provided a summary of the ruling, in which the Supreme Court answered some pesky questions about the continued existence of joint and several liability in the state, but left others for another day.
For this reason, the finance chief believes SMHC is "not qualified" to proceed with the project unless its parent firm, San Miguel Corp., entered into a joint and several liability agreement, which means the project will be fully financially backed by the diversified conglomerate.
should undertake a joint and several liability agreement for the New Manila International Airport project in Bulacan,' the company said.
"One of the helpful suggestions we made to the DOTr was to require the execution of a joint and several liability agreement, which would make San Miguel Corp.
The comp carrier brought this petition to vacate, arguing that there should have been no reduction because it could not have sued the bus's liability insurer (as the co-worker's insurer), and the principle of joint and several liability applies in loss transfer (i.e., that the car's driver should be liable for 100% of the damages because the bus's driver is immune from collection).
1980-1986: Establishing Joint and Several Liability in
The action follows Moody's assessment that the existing support agreement for Pfandbriefbank has turned out to be less reliable than the rating agency had anticipated, demonstrated by the lack of commitment by several federal states to honour their obligations under the existing joint and several liability framework.
* Limited joint and several liability so that defendants bearing less than 25% of the negligence attributable to all defendants were severally but not jointly liable; and
The next three-way talks, scheduled for 11 February, are expected to focus on these two issues, as well as joint and several liability. The following dates are 11, 13, 17, 18, 19 and 20 February.
The fine may finallyA exceed EUR 39 million, depending on theA joint and several liability.A
Joint and several liability essentially means that the landlord can collect the debt from all of the tenants (joint), or from one tenant alone (several).
If you are sharing a rental property with others you may see a clause in the tenancy agreement referring to joint and several liability. In effect this means that if one or more tenants stop paying rent for any reason or cause any damage, for example, the remaining sharers will be liable for the associated costs.