Definition
A legal arrangement where multiple borrowers or guarantors are each individually responsible for the entire debt. If two persons are jointly and severally liable, the creditor can recover the full amount from any one of them. In banking, co-borrowers and guarantors are typically jointly and severally liable for the loan.
Related Terms
Co-BorrowerSurety
Need Expert Advice on Joint and Several Liability?
For specific advice on how Joint and Several Liability applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates