English translation: Joint, several and unlimited liability (Responsibility)
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14:06 Aug 21, 2001
Spanish to English translations [Non-PRO] Law/Patents
Spanish term or phrase:ilimitada y solidariamente responsables
.... las partes podrían llegar a ser ilimitada y solidariamente responsables...
Mi pregunta: jointly and severally no alcanza pero...
jamás ví la palabra "unlimitedly".
Explanation: unlimited liability: A liability to pay all the debts incurred by a business. For a sole proprietor or partnership, the liability of the owners is not limited to the amount the owner has agreed to invest. All debts of the business must not only be paid out of the assets of the business but also, if necessary, out of personal assets.
Dictionary of Business - Oxford University Press
Faced with unlimited liability, many investors won't touch real estate transactions involving any degree of environmental contamination and lenders will not provide funding. The result is that such properties are not cleaned up. www.realtytimes.com