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The young man knows the rules, but the old man knows the exceptions.
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Legal Definitions - joint and several note
Where you see wrong or inequality or injustice, speak out, because this is your country. This is your democracy. Make it. Protect it. Pass it on.
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Definition of joint and several note
A joint and several note is a type of promissory note where multiple makers are jointly and severally liable for repayment. This means that the payee can legally seek payment from all the makers or any one of them for the entire debt.
For example, if three people sign a joint and several note for $10,000 and one of them defaults, the payee can legally seek payment from the other two makers for the entire $10,000 debt.
Joint and several notes are often used in business transactions where multiple parties are involved in the repayment of a debt. It provides the payee with greater security and flexibility in seeking repayment.
I object!... to how much coffee I need to function during finals.
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Simple Definition
The law is a jealous mistress, and requires a long and constant courtship.
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