19:43
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LSDefine
Simple English definitions for legal terms
in solido
Read a random definition: state paper
A quick definition of in solido:
Term: IN SOLIDO
Definition: When people owe money together, they can be responsible for the whole amount together or just a part of it. In solido means that they are responsible for the whole amount together. This is called a solidary obligation. Once one person pays the whole amount, everyone is free from the debt. This term is used in many countries, but not in Louisiana anymore.
A more thorough explanation:
Definition: In solido (in sol-uh-doh) is a Latin term that means "as a whole." It refers to an obligation that creates joint and several liability. This means that each party involved in the obligation is responsible for the entire debt, not just a portion of it.
For example, if two people take out a loan together and the loan is in solido, each person is responsible for paying back the entire loan amount, not just half of it. If one person defaults on the loan, the other person is still responsible for paying back the entire amount.
The term is commonly used in civil-law jurisdictions, but is no longer used in Louisiana.
Related term: Solidary
Example: Two friends take out a loan together for $10,000. The loan is in solido, which means that each friend is responsible for paying back the entire $10,000. If one friend is unable to make payments, the other friend is still responsible for paying back the full amount.
This example illustrates how an obligation in solido creates joint and several liability, where each party is responsible for the entire debt.