Glossary - J

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Joint and several liability: A situation in which more than one party is liable for repayment of a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly.

Joint tenancy: A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right to survivorship.

Judgment: A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

Judgment lien: A lien on the property of a debtor resulting from the decree of a court.