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laenusaajate solidaarkohustused

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Terminological databases

EKI terminibaas Esterm

ID 710777 Last modified 30.12.2004
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Domain stock exchange & capital marketfinancial transactions - payment systems - cash
  • joint and several - words that are used to mean that when two or more persons sign a document jointly and severally to pay any money or to perform some action, they are all bound, both together as a group and separately as independent persons. A creditor has better rights in law when debtors or guarantors are jointly and severally liable than when they are only jointly liable
  • joint and several liability - when dealing with the accounts of a partnership or a joint account, it is usual for the banker to have a clause in the mandate opening the account to include the joint and several clause. This allows the bank a right of action against each individual account holder until the debt has been fully paid
joint and several commitments of the borrowers
Usage examples
  • Subject to the limits imposed in Article 6, the unconsolidated own funds of credit institutions shall consist of the following items: ... the commitments of the members of credit institutions set up as cooperative societies and the joint and several commitments of the borrowers of certain institutions organized as funds, as referred to in Article 4 (1) ...

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