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MIAMI A
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Simple English definitions for legal terms
solidary obligation
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A quick definition of solidary obligation:
Solidary obligation is a legal term that means when two or more people owe a debt or have a duty to do something, they are all responsible for the entire debt or duty. This means that if one person cannot pay or fulfill their obligation, the others must do it for them. It is like when a group of friends borrow money together and all agree to pay it back, even if one person cannot. Solidary obligation is similar to joint and several obligation in common law.A more thorough explanation:
A solidary obligation is a legal term that refers to an obligation that binds each of two or more debtors for the entire performance at the option of the creditor. This means that if there are multiple debtors, the creditor can choose to demand payment from any one of them for the full amount owed.
For example, if three people take out a loan together and sign a solidary obligation, the lender can demand payment from any one of them for the full amount owed. It is up to the debtors to sort out how they will split the payment among themselves.
Solidary obligations are similar to joint and several obligations in common law jurisdictions.