Principal

If you owe something jointly and severally, you and one or more others are each separately liable to pay the entire amount of the debt if the creditor so requires. If a debt is not joint and several, you are each liable for equal part or parts as agreed.
Joint and several liability is separate from the duty to pay. As between debtors, each must pay his part. When you have paid in full to the creditor, you get a claim against your co-debtor to the extent you have paid for him.

Only with the cooperation of the creditor is it possible to transfer a debt and ensure that one of the debtors is no longer liable. If it is a mortgage debt or a debt that is otherwise secured, it is important for the transferee that the creditor declares that it will no longer use its security rights as far as any claim against the discharged debtor is concerned.

For more information on joint and several liability, duty to carry and discharge, please contact us. We will be happy to help.