Shared Liability
/ˈʃɛrd ˌlaɪəˈbɪləti/
Definitions
- (n.) Legal responsibility shared among two or more parties for a particular obligation or liability.
The partners faced shared liability for the debts incurred by the business.
- (n.) A form of joint liability where each party may be held liable for the entire obligation, subject to internal contribution among them.
Under shared liability, each guarantor could be pursued for full repayment of the loan.
Forms
- shared liability
Related terms
See also
Commentary
Shared liability often requires clear contractual language to define the extent and limits of each party's responsibility.
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.