Legal English – Peter’s Pills – Lesson 47 – Jointly and severally
Jointly and severally
Transcript:
Hello!
Today we look at “jointly and severally”.
“Jointly and severally” (in via solidale; in solido) is a legal term used to describe a situation where two or more parties are held responsible for a debt or obligation. “Jointly” means that all parties are responsible for the full amount that is owed (intero importo dovuto) or for the full obligation. “Severally” means that each party is individually responsible for the full amount of that debt or obligation. This means that if one party fails to fulfill their obligation, the other party(ies) may be held responsible for that obligation.
For instance (ad esempio), if a bank lends (dare in prestito) £ 100.000 to two individuals jointly and severally, both of those individuals are equally liable (responsabili) for ensuring (garantire) that the entire loan amount is paid back to the bank. The bank may decide to try (intraprendere un’azione legale) either party for repayment of the total outstanding debt (debito residuo) if the loan is in default (inadempiente). In such circumstances, the borrower (colui che ha preso in prestito) who pays back the loan on his or her own may pursue legal action against the other party listed in the contract, but only after the bank has been fully reimbursed.
”Jointly and severally” therefore means that each party is equally liable for upholding (rispettare) the entirety of the conditions of an agreement.
Thank you very much and see you next time for more Peter’s Pills to improve your Legal English!
See other about “jointly and severally” here: “Joint, several and joint and several liability“.
Legal English – Sommario delle Lezioni
Legal English – Peter’s Pills – Lesson 47 – Jointly and severally
Legal English – Peter’s Pills – Lesson 46 – Invoice words
Legal English – Peter’s Pills – Lesson 45 – Quotation
Legal English – Peter’s Pills – Lesson 44 – Gazumping and Gazundering
Legal English – Peter’s Pills – Lesson 43 – English words that the English do not understand
Legal English – Peter’s Pills – Lesson 42 – Easement vs Profit à prendre
Legal English – Peter’s Pills – Lesson 41 -er, -or and -ee names
Legal English – Peter’s Pills – Lesson 40 – The Objects Clause
Legal English – Peter’s Pills – Lesson 39 – When is Latin hot, and when is it not?
Legal English – Peter’s Pills – Lesson 38 – Default
Legal English – Peter’s Pills – Lesson 37 – Company Agent
Legal English – Peter’s Pills – Lesson 36 – Injunction (false freind)
Legal English – Peter’s Pills – Lesson 35 – Mortgage
Legal English – Peter’s Pills – Lesson 34 – Freehold, Leasehold and Commonhold estates
Legal English – Peter’s Pills – Lesson 33 – Transferor, Transferee and Transmittee
Legal English – Peter’s Pills – Lesson 32 – Tax evasion, tax mitigation and tax avoidance
Legal English – Peter’s Pills – Lesson 31 – Numbers
Legal English – Peter’s Pills – Lesson 30 – Ordinary resolutions vs special resolutions
Legal English – Peter’s Pills – Lesson 29 – AGM vs EGM
Legal English – Peter’s Pills – Lesson 28 – A going concern
Legal English – Peter’s Pills – Lesson 27 – Collocations: Violate, breach, break, disobey and infringe
Legal English – Peter’s Pills – Lesson 26 – Company meeting words
Legal English – Peter’s Pills – Lesson 25 – Mortgagor vs Mortgagee
Legal English – Peter’s Pills – Lesson 24 – Fixed charges vs Floating charges
Legal English – Peter’s Pills – Lesson 23 – Doctrine
Legal English – Peter’s Pills – Lesson 22 – Construe
Legal English – Peter’s Pills – Lesson 21 – Sign vs Execute
Legal English – Peter’s Pills – Lesson 20 – The closing statement
Legal English – Peter’s Pills – Lesson 19 – Writing Business Emails
Legal English – Peter’s Pills – Lesson 18 – Limited companies
Legal English – Peter’s Pills – Lesson 17 – Annual Accounts
Legal English – Peter’s Pills – Lesson 16 – Meetings
Legal English – Peter’s Pills – Lesson 15 – Attorney-at-law vs Attorney-in-fact
Legal English – Peter’s Pills – Lesson 14 – Here and there compounds
Legal English – Peter’s Pills – Lesson 13 – Subject Matter
Legal English – Peter’s Pills – Lesson 12 – The clear days rule
Legal English – Peter’s Pills – Lesson 11 – Shareholder, Member or Holder of shares?
Legal English: Peter’s Pills – Lesson 10 – Competition Law
Legal English: Peter’s Pills – Lesson 9 – Lasting Power of Attorney
Legal English: Peter’s Pills – Lesson 8 – Guardianship
Legal English: Peter’s Pills – Lesson 7 – Damage vs Damages
Legal English: Peter’s Pills – Lesson 6 – Legal Doublets
Legal English: Peter’s Pills – Lesson 5 – Escrow
Legal English: Peter’s Pills – Lesson 4 – Memorandum of Association vs Articles of Association
Legal English: Peter’s Pills – Lesson 3 – Sign legibly
Legal English: Peter’s Pills – Lesson 2 – Deed poll
Legal English: Peter’s Pills – Lesson 1 – Party, counterparty and counterpart
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