Osborne's Concise Law Dictionary:
"An obligation entered into by two or more persons, so that each is liable severally, and all liable jointly, and a creditor or obligee may sue one or more severaly, or all jointly, at his option."
Stripped of legalese, it means together or separately, permitting a creditor to collect or exact from any of the joint and several debtors the total payment due or ful performance.
If three friends, A and B (two persons with few assets), and C, who is wealthy, borrow $10,000 from Z and agree to be joint and severally liable for the full amount, and they then default on the loan, Z can sue and collect the full amount against all three or against C only, not having to worry about collecting from A and B (that would then be C's problem in private actions for contribution from A and B).
REFERENCES:
- Woodley, M, ed., Osborne's Concise Law Dictionary, 10th Ed. (London: Sweet & Maxwell, 2005), page 228.