Joint and Several Liability- A liability which allows the creditor to sue any one of the debtors or sue all together.
Joint Tenancy- An undivided interest in property taken by two or more joint tenants. The interests must equal, accruing under the same conveyance and beginning at the same time. Upon death of a joint tenant, the interest passes to the surviving joint tenants rather than to the heirs of the deceased.
Judgment- The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.
Junior Mortgage- A mortgage subordinate to another mortgage.
