JOINT AND SEVERAL LIABILITY:
When two or more people agree to take on the same obligation (such as a loan), they may each be responsible for a certain portion of the obligation or they may each be responsible for the entire obligation. When the contract states that liability is "joint and several", it means that all parties together are responsible for the obligation ("joint") but also that each party individually is responsible for the entire obligation on their own ("several"). The creditor may sue all of them or just one for the debt.

JOINT AND SEVERAL NOTE:
A note signed by two or more persons in which they are liable jointly and individually for the full amount of the loan.

JOINT NOTE:
A note signed by two or more persons who each have liability for payment of part of the loan.

JOINT OWNERSHIP AGREEMENT:
A contract between two or more people who have an interest in the same piece of property which sets out their respective rights and obligations with regard to the property and also may set out the way in which the parties agree to manage the property.

JOINT TENANCY:
Joint ownership by two or more persons with right of survivorship; all joint tenants own equal interest and have equal rights in the property.

JOINT TENANTS:
See "joint tenancy".

JOINT VENTURE:
A syndicate formed for a single purpose.

JOINTURE:
Made in lieu of dower, a freehold estate created in a property which lasts for the life of the widow which takes effect upon the death of the husband.

JUDGMENT:
The final determination of a court of competent jurisdiction of a matter presented to it; money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc.

JUDGMENT CREDITOR:
A party who, by virtue of a court decision, is entitled to a monetary payment from another party.

JUDGMENT DEBTOR:
A party who, by virtue of a court decision, is required to make a monetary payment from another party.

JUDGMENT LIEN:
A general lien which applies to all property owned by a judgment debtor located in the county where the judgement is recorded.

JUDICIAL FORECLOSURE:
An enforcement action by a lender, the act of selling the property to recover the mortgage debt after obtaining judgment of a court.

JUMBO LOAN (MORTGAGE):
A loan for more money than the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation will fund under its mandate.

JUNIOR LIEN (MORTGAGE):
A lien that does not have first priority.

JUNIOR TRUST DEED:
A trust deed that does not have first priority.

JUNK FEES:
Slang term for extra fees charged by a lender on a mortgage loan.

JURISDICTION:
The authority by which judicial officers take cognizance of and decide causes; the power to hear and determine a cause; the right and power which a judicial officer has to enter upon the inquiry.

JUST COMPENSATION:
Payment of a fair and reasonable amount for property taken from a private person by a government body.


GENERAL LINKS:
Nautical Jewelry   Magnificent handcrafted Nautical Coin Jewelry. Exquisite collectors pieces layered in gold and silver. Each breathtaking exclusive work of art is hermetically sealed against wear in clear, hard acrylic coating.