joint and several bond

A bond in which the obligors are, by its terms, bound both jointly and individually to pay the full amount of the bond. The rule is that where an instrument worded in the singular is executed by several, the obligation is a joint and several one, and those who so execute it may be sued either separately or together. It is not necessary to use the technical words "joint and several" in the bond in order to make the obligation thereunder a joint and several one; it is sufficient for this purpose if any of the terms import the meaning of a joint and several obligation. 12 Am J2d Bonds § 29.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • joint and several liability — The liability of joint tortfeasors. 52 Am J1st Torts § 110. The liability of the two or more contracting parties on one side under an agreement in such terms as to engage the two or more jointly and each one individually. See joint and several… …   Ballentine's law dictionary

  • Joint and several — Joint Joint (joint), a. [F., p. p. of joindre. See {Join}.] [1913 Webster] 1. Joined; united; combined; concerted; as, joint action. [1913 Webster] 2. Involving the united activity of two or more; done or produced by two or more working together …   The Collaborative International Dictionary of English

  • bond — A certificate or evidence of a debt on which the issuing company or governmental body promises to pay the bondholders a specified amount of interest for a specified length of time, and to repay the loan on the expiration date. A long term debt… …   Black's law dictionary

  • bond — A certificate or evidence of a debt on which the issuing company or governmental body promises to pay the bondholders a specified amount of interest for a specified length of time, and to repay the loan on the expiration date. A long term debt… …   Black's law dictionary

  • joint — United; combined; undivided; done by or against two or more unitedly; shared by or between two or more; coupled together in interest or liability. The term is used to express a common property interest enjoyed or a common liability incurred by… …   Black's law dictionary

  • joint bond — A bond on which the obligors are only liable in combination, that is, jointly, and not severally. Municipal Court v Whaley, 25 RI 289, 55 A 750. See joint and several bond …   Ballentine's law dictionary

  • Joint Bond — A bond that is guaranteed by a party other than the issuer. Also called a joint and several bond. These are commonly used when a parent company is required to guarantee the bonds of a subsidiary …   Investment dictionary

  • Joint — (joint), a. [F., p. p. of joindre. See {Join}.] [1913 Webster] 1. Joined; united; combined; concerted; as, joint action. [1913 Webster] 2. Involving the united activity of two or more; done or produced by two or more working together. [1913… …   The Collaborative International Dictionary of English

  • Joint committee — Joint Joint (joint), a. [F., p. p. of joindre. See {Join}.] [1913 Webster] 1. Joined; united; combined; concerted; as, joint action. [1913 Webster] 2. Involving the united activity of two or more; done or produced by two or more working together …   The Collaborative International Dictionary of English

  • Joint meeting — Joint Joint (joint), a. [F., p. p. of joindre. See {Join}.] [1913 Webster] 1. Joined; united; combined; concerted; as, joint action. [1913 Webster] 2. Involving the united activity of two or more; done or produced by two or more working together …   The Collaborative International Dictionary of English

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