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| The Real Estate Encyclopedia |
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| What do joint and several obligations refer to? |
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| Category - Home Ownership FAQ's - Lease & Renting
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Joint and several obligation refers to a situation in which more than one party is liable for repayment of an obligation and a creditor can obtain repayment from one or more parties, either individually or jointly.
In the case of a lease agreement, all parties signing the agreement are joint or severally responsible for the payment of the rent.
There is usually a right of contribution among persons who are jointly and severally liable for an obligation. The person who is forced to make repayment of the obligation can try to collect equal amount from the others who also are liable. |
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