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Joint and several liability |
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Joint and several liabilityAn undertaking by a group of two or more people to be responsible, either individually or jointly, for any liability which may exist after any member or members have failed to meet their obligations. For example if a group of four people enter into a joint and several liability on a bank loan, then in the event of two of the members reneging on their obligations the remaining two members become fully responsible for the repayment of the loan.Similar MatchesJoint liabilityJoint liabilityThe responsibility of two or more people to fulfill the terms of a home loan or debt. Funded LiabilityFunded LiabilityA source of funds that a firm must take overt action to arrange and that carries an interest cost. LiabilityLiabilityAn amount that is owed, in contrast to an asset. A liability may result from borrowing, from obligation to pay for a product or service received, etc. Limited liabilityLimited liabilityLimitation of loss to what has already been invested. Limited liabilityLimited liabilityThe principle that the liability of shareholders for debts of a corporation or limited company is limited to the nominal value of their shares. In other words, their personal assets are not at risk if the company becomes insolvent and is liquidated. Further SuggestionsContingent pension liabilityUnlimited liability liability insurance Tax liability joint liability Liability insurance Umbrella personal liability policy Contractual liability Lender liability lawsuits Noncurrent liability umbrella personal liability insurance Limited liability instrument |
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