coobligations

Coobligations, also known as joint and several obligations, are a legal concept where two or more parties share responsibility for a single debt or duty. This means that each party is individually liable for the entire obligation, even if their contribution to the underlying cause of the obligation was less. Creditors have the option to pursue any one of the coobligors for the full amount, or they can pursue all of them simultaneously.

In practice, if a creditor chooses to recover the full amount from one coobligor, that individual may then have a right of contribution against the other coobligors for their respective shares. The specific rules and implications of coobligations can vary depending on the jurisdiction and the nature of the agreement. They are commonly found in contracts, loan agreements, and certain types of tortious liability.

The principle of joint and several liability aims to provide creditors with greater security and a more efficient means of recovering their debts. It ensures that the creditor is not disadvantaged by disputes or financial limitations among the obligors. However, it places a significant burden on the individual coobligor who might be held responsible for the entire sum, regardless of their fault or capacity to pay. Understanding the extent of one's coobligation is crucial before entering into any agreement that involves shared liability.