- joint and several liability
- Each of the individual owners is personally responsible for the
- joint tenancy
- Ownership of real estate between two or more parties who have been
named in one conveyance as joint tenants. Upon the death of a
joint tenant, the decedent's interest passes to the surviving joint
tenant or tenants by the right of survivorship.
- joint venture
- 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 venture is for one specific project only,
rather than for a continuing business relationship.
- The formal decision of a court upon the respective rights and
claims of the parties to an action or suit. After a judgment
has been entered and recorded with the county recorder, it usually
becomes a general lien on the property of the defendant.
- junior lien
- An obligation, such as a second mortgage, that is subordinate in
right or lien priority to an existing lien on the same property.