jointly and severally

jointly and severally definition - finance
In legal terms, an agreement that if a member of a group is unable to fulfill his or her contractual obligations the other members of the group are responsible. For example, if an underwriter agrees to buy a specific amount of a new securities issue and a member of the underwriting group is unable to meet its obligation, the other members of the group are responsible.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.