Definition of joint and several obligation

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TeachMeFinance.com - explain joint and several obligation



joint and several obligation -- a debt entered into by two or more borrowers, each of whom is liable for repaying the full amount of the debt. Bonds and discount notes sold by the Office of Finance are the joint and several obligations of the 12 Federal Home Loan Banks.



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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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