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LSDefine

Simple English definitions for legal terms

joint and several note

Read a random definition: in pari causa

A quick definition of joint and several note:

A joint and several note is a written promise to pay money to someone else. It's like a contract between two or more people who agree to pay back the money they borrowed. If one person can't pay, the others are still responsible for paying the whole amount. It's important to be careful when signing a joint and several note because you could end up owing more than you expected.

A more thorough explanation:

A joint and several note is a type of promissory note where multiple makers are jointly and severally liable for repayment. This means that the payee can legally seek payment from all the makers or any one of them for the entire debt.

For example, if three people sign a joint and several note for $10,000 and one of them defaults, the payee can legally seek payment from the other two makers for the entire $10,000 debt.

Joint and several notes are often used in business transactions where multiple parties are involved in the repayment of a debt. It provides the payee with greater security and flexibility in seeking repayment.

joint and reciprocal will | joint-and-survivorship account

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General chat about the legal profession.
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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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