Jointly and Severally
2. A term used in underwriting syndicates to refer to the distinct responsibility of individual companies to sell a certain portion of unsold new issue.
1. When an investor authorizes power of attorney to two separate lawyers jointly and severally, both lawyers can make binding decisions without the approval of the other lawyer.
2. For example, an underwriter who has jointly and severally agreed to a 30% stake in the sale of a new issue must sell 30% of any remaining unsold portion, even if that underwriter has already sold more than this amount in the initial sale. All members of the syndicate are responsible for any leftover shares.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
jointly and severally — municipal bond underwriting in which the account is undivided and syndicate members are responsible for unsold bonds in proportion to their participation, regardless of how many bonds they may have already sold. A firm with 20% of the account is… … Financial and business terms
jointly and severally — See joint and several contracts joint and several liability … Black's law dictionary
jointly and severally — together and separately (joint obligation of several people that they are all together or totally separate) … English contemporary dictionary
jointly and severally — See in solido; joint and several liability … Ballentine's law dictionary
severally — sev‧e‧ral‧ly [ˈsevrəli] adverb jointly and severally LAW if two companies own or are responsible for something jointly and severally, they each have an equal share in it: • In many states, firms are jointly and severally liable for injuries… … Financial and business terms
severally — / sev(ə)rəli/ adverb separately, not jointly ♦ they are jointly and severally liable they are liable both as a group and as individuals for the total amount … Dictionary of banking and finance
jointly — / dʒɔɪntli/ adverb together with one or more other people ● to own a property jointly ● to manage a company jointly ● They are jointly liable for damages. ♦ jointly and severally liable liable both as a group and as individuals … Dictionary of banking and finance
joint and several liability — see liability 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. joint and several liability … Law dictionary
joint and several — joint and sev·er·al adj: relating or belonging to two or more parties together and separately joint and several duties of the partners see also joint and several liability at liability 2b compare in sol … Law dictionary
Joint and several liability — Where two or more persons are liable in respect of the same liability, in most common law legal systems they may either be:* jointly liable, or * severally liable, or * jointly and severally liable.Joint liabilityIf parties have joint liability,… … Wikipedia