Joint and Several Liability: Canada Debt .ca defines Joint and Several Liability

Bankruptcy Term Joint and Several Liability

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Canada Debt has the definition to the bankruptcy and debt term Joint and Several Liability. Finding answers to terms such as Joint and Several Liability can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Joint and Several Liability in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Joint and Several Liability' is used as follows:

The liability of more than one person for which each person may be sued for the entire amount of the damages.