solidaarselt

Solidaarselt is an Estonian word that translates to "jointly and severally" or "solidarily" in English. It describes a legal and ethical concept where multiple parties share responsibility for an obligation or debt. This means that each party is individually liable for the entire amount, even if the debt is shared among them. Creditors can therefore pursue any one of the jointly and severally liable parties for the full sum, or they can pursue all parties simultaneously.

The principle of solidaarselt is commonly found in contract law, particularly in situations involving loans, guarantees, and partnership agreements. For example, if several individuals co-sign a loan, they are typically held solidaarselt liable for the repayment. If one individual defaults, the lender can demand the full outstanding amount from any of the other co-signers. The underlying idea is to provide greater security for the creditor, ensuring that the debt can be fully recovered.

While solidaarselt emphasizes collective responsibility, it also implies a right of recourse among the liable parties. If one party is forced to pay more than their proportional share of the debt, they generally have the legal right to seek reimbursement from the other parties for their respective portions. This internal arrangement between the debtors is separate from their obligation to the creditor. The concept of solidaarselt is crucial for understanding liability and risk allocation in many legal and financial contexts in Estonia.