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 Definition of Jointly and severally - Finance dictionary
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Jointly and severally
Two debtors or defendants in a court case are responsible on a "joint and several" basis ("jointly and severally"), when they each are responsible for the payment of the full amount due. If both can pay, each end up paying 50%, but if one can't pay, the other pays 100%.
Jointly and severally
Two debtors or defendants in a court case are responsible on a "joint and several" basis ("jointly and severally"), when they each are responsible for the payment of the full amount due. If both can pay, each end up paying 50%, but if one can't pay, the other pays 100%.
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Definitions of terms begining
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Jointly and severally
Two debtors or defendants in a court case are responsible on a "joint and several" basis ("jointly and severally"), when they each are responsible for the payment of the full amount due. If both can pay, each end up paying 50%, but if one can't pay, the other pays 100%.
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