- Personal liability
Personal Liability meaning the party or parties involved are solely responsible for any
debt s accumulated.
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Personal liability
Look at other dictionaries:
personal liability — see liability 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. personal liability … Law dictionary
personal liability — ➔ liability * * * personal liability UK US noun [U] ► LAW the fact of a person, rather than a company or organization, being legally responsible for something: »Under certain conditions, trustees can take out insurance against personal liability … Financial and business terms
personal liability — personal responsibility, obligation imposed on an individual, legal obligation of an individual … English contemporary dictionary
personal liability — An obligation attaching to the person, as distinguished from an obligation enforceable against property. A liability of an agent or fiduciary imposed on a personal basis for something done by him in the course of the agency or administration of… … Ballentine's law dictionary
Umbrella Personal Liability Policy — A type of insurance policy that provides excess coverage above and beyond the liability coverage amounts in a standard insurance policy. The umbrella policy provides extra protection in the event that a lawsuit exceeds the basic level of coverage … Investment dictionary
limited personal liability — See: limited liability Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc. Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 … Law dictionary
liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds … Law dictionary
personal — per·son·al adj 1: of, relating to, or affecting a person: as a: of, relating to, or based on the existence or presence of a person see also personal injury; personal jurisdiction at jurisdiction b … Law dictionary
umbrella personal liability policy — A liability insurance policy that provides protection against damages not covered by standard liability policies, such as large jury awards in lawsuits. Bloomberg Financial Dictionary … Financial and business terms
limited personal liability — see limited liability … Business law dictionary
