Glossary | ||
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JOINT AND SEVERAL LIABILITY | |
| Joint and Several Liability: A liability incurred by two or more people
in a way that they become liable individually as well as together; and
the creditor may sue them individually or jointly. | |
JOINT TENANTS | |
| Joint Tenants: is the more usual way for land to be held by two or more persons where those persons are married or related. Joint Tenants, although they have joint interest in the property, cannot identify a definable proportion of the property as their interest in same. Joint Tenants cannot individually mortgage their share of the land but rather must act collectively in relation to any dealings with it. Upon the death of a Joint Tenant that person's interest in the property is automatically transferred to the other Joint Tenant(s). | |
JUDGEMENT | |
Judgement: The decision of a Court in a legal proceeding. | |
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