joint and several liability
A situation when more than one party is liable for
repayment of a debt or obligation. A creditor can obtain
compensation from one or more parties, either
individually or jointly.
An estate or unit of interest in real estate that is
owned by two or more natural persons with rights of
survivorship. The basic idea of a joint tenancy is unity
of ownership; title is held as though all owners
collectively constituted one person, a fictitious
entity. The death of one joint tenant does not destroy
the owning unit--it only reduces by one the number of
persons who jointly own the unit. The remaining joint
tenants receive the deceased tenant's interest by the
right of survivorship. Thus, the decedent's interest
cannot be transferred by will or descent. As each
successive joint tenant dies, the remaining tenants
acquire the interest of the deceased. The last survivor
takes title in severalty, fully inheritable at his or
her death by heirs and devisees.
The joining of two or more people to conduct a
specific business enterprise. A joint venture is similar
to a partnership in that it must be created by agreement
between the parties to share in the losses and profits
of the venture. It is unlike a partnership in that the
joint venture is for one specific project only, rather
than for a continuing business relationship.
The formal decision of a court on the respective
rights and claims of the parties to an action or suit. A
judgement that has been entered and recorded with the
county recorder usually becomes a general lien on the
property of the defendant.
Specifies the award made by the court in a civil case.
A general lien on the property of a judgment debtor,
giving the holder of the judgment a right to levy the
property to satisfy the debt.
A method of foreclosing on real property by means of a
court-supervised sale. In a judicial foreclosure, there
is an appraisal, after which the court determines an
upset price below which no bids to purchase will be
A "jumbo" loan is any loan that exceeds the
underwriting guidelines for Fannie Mae/Freddie Mac
maximum loan limits ($240,000 as of January 1999).
An obligation, such as a second mortgage, that is
subordinate in right or lien priority to an existing
lien (senior loan) on the same real estate.
Fair and reasonable payment; the payment made to an
owner whose land is taken through condemnation under