several liability


Accounting dictionary. 2014.

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  • several liability — see liability 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. several liability …   Law dictionary

  • several liability — The individual liability of two or more persons in reference to claimant s demand. Pruyn v Black, 21 NY 300, 303. See joint and several liability …   Ballentine's law dictionary

  • several liability — Liability separate and distinct from liability of another to the extent that an independent action may be brought without joinder of others. Exists where each of the parties specifically promises to be individually bound, using language such as… …   Black's law dictionary

  • joint and several liability — see liability 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. joint and several liability …   Law dictionary

  • Joint and several liability — Where two or more persons are liable in respect of the same liability, in most common law legal systems they may either be:* jointly liable, or * severally liable, or * jointly and severally liable.Joint liabilityIf parties have joint liability,… …   Wikipedia

  • joint and several liability — ➔ liability * * * joint and several liability UK US noun [U] ► LAW a situation where each of the people or organizations in a group is responsible, as a group and separately, for paying a debt, paying for damage that has been caused, etc.: »The… …   Financial and business terms

  • Joint And Several Liability — When multiple parties can be held liable for the same event or act and be responsible for all restitution required. In cases of joint and several liability, a person who was harmed or wronged by several parties could be awarded damages and… …   Investment dictionary

  • joint and several liability — The liability of more than one person for which each person may be sued for the entire amount of the damages. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • joint and several liability — (law) The responsibility of any one member of a group for the actions or debts of any or all of the others, and the responsibility of the group as a whole for the actions or debts of any one member • • • Main Entry: ↑join …   Useful english dictionary

  • joint and several liability — The liability of joint tortfeasors. 52 Am J1st Torts § 110. The liability of the two or more contracting parties on one side under an agreement in such terms as to engage the two or more jointly and each one individually. See joint and several… …   Ballentine's law dictionary

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