9:32
[kevin oleary]
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LSDefine
Simple English definitions for legal terms
solidary liability
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A quick definition of solidary liability:
Solidary liability is when multiple people are responsible for paying a debt or obligation, and any one of them can be held accountable for the entire amount. This is similar to joint and several liability in common law. Liability means being legally responsible for something, either financially or legally.
A more thorough explanation:
Definition: Solidary liability is a legal term that refers to the liability of any one debtor among two or more joint debtors to pay the entire debt if the creditor so chooses. It is equivalent to joint and several liability in the common law.
Example: If three people take out a loan together and one of them defaults on the payments, the creditor can demand that any one of the three debtors pay the entire debt. For example, if the debt is $9,000, the creditor can demand that any one of the three debtors pay the full $9,000, not just their share of $3,000.
Explanation: This means that each debtor is individually responsible for the entire obligation, but a paying party may have a right of contribution and indemnity from nonpaying parties. Solidary liability is often used in situations where it is difficult to determine which debtor is responsible for the debt, such as in joint ventures or partnerships. It ensures that the creditor is able to recover the full amount owed, regardless of which debtor pays it.