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Under joint and several liability or (in the U.S.) all sums, a plaintiff (claimant) is entitled to claim an obligation incurred by any of the promisors from all of them jointly and also from each of them individually. Thus the plaintiff has more than one cause of action: if she pursues one promisor and he fails to pay the sum due, her action is ...
Binder – In law, a binder (also known as an agreement for sale, earnest money contract, memorandum of sale, or contract to sell) is a short-form preliminary contract in which the purchaser agrees to buy and the seller agrees to sell certain real estate under stated terms and conditions, usually in the form of a purchase offer, and is ...
They had assented to a court order to pay £46,000 to Wright Ltd in monthly instalments of £600, and were jointly liable. From 1999 the payments went down to £200 a month. In 2000, Mr Collier swore that there was a meeting where Wright Ltd said he would be severally liable (for £15,600), rather than jointly (as a partner).
If two persons are jointly but not severally liable for a simple contract debt, a judgment at common law obtained against only one of the debtors works as an extinguishment of the claim on the other debtor as a matter of law. [1] A conveyance of mortgaged land by the mortgagor to the mortgagee extinguishes the mortgage. [1]
A joint tenancy or joint tenancy with right of survivorship (JTWROS) is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the ...
A solidary obligation, or an obligation in solidum, is a type of obligation in the civil law jurisprudence that allows either obligors to be bound together, each liable for the whole performance, or obligees to be bound together, all owed just a single performance and each entitled to the entirety of it. In general, solidarity of an obligation ...
Read more: Generating 'passive income' through real estate is the biggest myth in investing — but here's 1 surefire way to do it with as little as $10 When you do need to pay off a loved one's debt
The limited liability limited partnership (LLLP) is a relatively new modification of the limited partnership. The LLLP form of business entity is recognized under United States commercial law . An LLLP is a limited partnership , and it consists of one or more general partners who are liable for the obligations of the entity, as well as or more ...
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