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Joint and several liability: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{a|glossary|}}As between two legal persons — often partners — that their respective liability for a particular legal obligation — often contractual...") |
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{{a|glossary|}}As between two [[legal | {{a|glossary|}}As between two [[legal person]]s — often [[Partnership|partners]] — that their respective liability for a particular legal obligation — often contractual — can be enforced against them together or, at the claimant’s discretion, individually. The claimant may choose against whom it proceeds, but in any weather cannot recover more than the total amount, collectively, owed to it. | ||
This is, to those pegged with such liability, a scary prospect. A new partner in the local law practice may find herself liable for all the debts of the partnership, at least since the point she joined it and assumed them. In general, the partner with the deepest pockets should most expect to be in the cross-hairs. That partner can recover a fair contribution from its confederates; how it does so is not the claimant’s affair | This is, to those pegged with such liability, a scary prospect. A new partner in the local law practice may find herself liable for all the debts of the partnership, at least since the point she joined it and assumed them. In general, the partner with the deepest pockets should most expect to be in the cross-hairs. That partner can recover a fair contribution from its confederates; how it does so is not the claimant’s affair | ||