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Forex glossary - J

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Joint Account - The amalgamated bill.

Joint and Several Liability - It is the responsibility of multiple persons to pay a judgment or fine. When persons are jointly and severally liable to make payment, the person who is entitled to receive the payment (the creditor) may collect the entire amount from one or more of the responsible persons separately or from all responsible persons collectively, at the creditor's option. The amounts paid by any responsible person to the creditor reduce the amount for which the others remain responsible to pay the creditor.

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