Be Jointly and Severally Liable under the Terms and Conditions of the above Referenced Form
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People also ask
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What does jointly and severally guarantee mean?
joint and several guarantee in British English (dʒɔɪnt ənd ˈsɛvrəl ˌɡærənˈtiː ) noun. law. a legal guarantee undertaken by multiple people in which any one guarantor can be held fully responsible for repaying the whole of the debt despite each guarantor only being partially responsible for that debt.
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What does it mean to be held jointly and severally liable?
What does it mean to be jointly and severally liable? Joint and several liability makes all parties in a lawsuit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, then the others named must pay more than their share.
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What does "jointly and severally liable" mean in a lease?
If an agreement states that you and your roommate(s) are "jointly and severally liable," it's confirming that you're individually and collectively liable for the entire rent. In the event that your roommate(s) fail(s) to pay, you can be held responsible for his/her portion of the rent.
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What does it mean to be held jointly and severally liable?
What does it mean to be jointly and severally liable? Joint and several liability makes all parties in a lawsuit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, then the others named must pay more than their share.
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What does "jointly and severally" mean in a will?
Jointly means that all of the Attorneys must work together and sign all documents together. Jointly and Severally means that any one of the Attorneys can sign a document or dispose of an asset without the signature of the other(s) or alternatively every Attorney can sign.
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What is jointly and severally liable guarantor?
The law calls this being 'jointly and severally liable'. In this situation, as a guarantor, you are likely to be responsible for whatever any of the joint tenants owe the landlord, not just what the tenant you are helping may owe.
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What does jointly or jointly and severally mean?
if partners make an agreement jointly and severally, they share all rights and responsibilities equally, and if any partner is unable to share in a responsibility, the others become responsible for that partner's share: All members of the partnership are jointly and severally liable for the debt.
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What is the difference between joint and several guarantee and personal guarantee?
After a few missed payments on a business loan, a creditor will 'trigger' a personal guarantee. This means that you will become personally liable for the outstanding debt. In the case of a joint and several liability, you and anyone else who has signed will be liable.
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