A B C D E F G H I [J] K L M N O P Q R S T U V W X Y & Z
Joint and several liability – Each of the individual owners is personally responsible for the total damages.
Joint tenancy – Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest passes to the surviving joint tenant or tenants by the right of survivorship.
Joint venture – The joining of two or more people to conduct a specific business enterprise. A joint venture is similar to a partnership in that it must be created by agreement between the par ties to share in the losses and profits of the venture. It is unlike a partnership in that the venture is for one specific project only, rather than for a continuing business relationship.
Judgment – The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant.
Judicial precedent – In law, the requirements established by prior court decisions.
Junior lien – An obligation, such as a second mort gage, that is subordinate in right or lien priority to an existing lien on the same realty.
