A promissory note is a promise in writing made by one or more persons to another, signed by the maker, promising to pay at a definite time a sum of money to a specific person or to "bearer." The maker is the person who writes out and creates the note. A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so.
Joint and several liability refers to a shared responsibility for a debt or a judgment for negligence, in which each debtor or each judgment defendant is responsible for the entire amount of the debt or judgment. The person owed money can collect the entire amount from any of the debtors or defendants and not be limited to a share from each debtor.
Example Of Jointly And Severally Liable
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How to fill out Complaint Against Makers Of Promissory Note And Personal Guarantors For Joint And Several Liability?
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FAQ
For example, defendants A with 40% responsibility, B with 30% responsibility, and C with 30% responsibility cause $100,000 of damages to the plaintiff in a car wreck. If only C could pay their share, the plaintiff would be stuck with $70,000 of uncompensated damages under several liability.
Under joint and several liability each defendant is held liable for the whole of the damage regardless of how many other defendants are also liable (which often means a race to the deepest pocket); whereas under proportionate liability each defendant is responsible for his or her or its relative level of fault, which ...
An example of joint liability would be when spouses both sign for a loan. If one spouse should die, the other remains liable for the balance of the loan as a co-signer. However, this is contingent upon default by the borrower. With joint liability, creditors may sue once for any debt.
For example, suppose that A, B, and C negligently injure V. V successfully sues A, B, and C, for $1,000,000. If the court used a joint and several liability system, V could demand that A pay V the full $1,000,000. A could then demand contribution from B and C.
In law, joint and several liability makes all parties in a suit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, the others named must pay more than their share.