Joint Liability
/ˈdʒɔɪnt laɪəˈbɪlɪti/
Definitions
- (n.) Legal responsibility shared equally by two or more parties such that each is liable for the entire obligation.
Under joint liability, each co-signer can be sued for the full amount of the debt.
Related terms
See also
Commentary
Joint liability means creditors may pursue any liable party for full recovery, contrasting with several liability where obligations are divided.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.