Joint Liability

Definition

  • When two or more people are responsible for repaying a single debt.

Synonyms
contractual obligation, shared debt

Related Terms and Acronyms

  • Homeowners Insurance Definition,
    • A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
  • Joint Credit Definition,
    • Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.
  • Liability Definition,
    • A situation where one party is found to be legally responsible for something.
  • Liability Insurance Definition,
    • Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
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