Glossary   

A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

J
Joint and Several Liability
A situation in which more than one party is liable for repayment of a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly. There is usually a right of contribution among persons who are jointly and severally liable, so that the person who is actually forced to repay the debt can try to collect equal amounts from the others who also are liable.

Judgment
The formal decision of a court on the respective rights and claims of the parties to an action or suit. A judgment that has been entered and recorded with the county recorder usually becomes a general lien on the property of a defendant.

Judgment Lien
A purely statutory general lien on real and personal property belonging to a debtor. A judgment lien differs from a mortgage in that a judgment lien does not have a specific parcel of real estate given as security at the time that the debtor-creditor relationship is created.