Joint and several liability exists when the main debtor is required to pay no more than his or her share of the entire debt.

Name: Joint and several liability exists when the main debtor is required to pay no more than his or her share of the entire debt.
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Question

Quizplus · Accepted Answer

Joint and several liability means that each party involved in a debt is responsible for paying the entire amount. Therefore, the main debtor may be required to pay more than his or her share of the debt if the other parties cannot pay their portion.

Joint and Several Liability Exists When the Main Debtor Is