Legal Definitions - 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.