Joint and several promissory notes
A joint and several promissory note is a written promise to pay, signed by two or more makers, under which each maker is liable for the full amount. The holder can sue any maker for the whole debt. A note reading "I promise to pay" signed by two or more people is deemed joint and several.
How BC law treats it
Promissory notes are governed by the federal Bills of Exchange Act, RSC 1985 c B-4, not provincial law. Under s. 179, a note made by two or more makers may be joint, or joint and several, according to its terms.
What it means for your business
Owners co-signing a note for business borrowing should assume they each owe the full amount.
Risks and common mistakes
Signing a note personally rather than clearly on behalf of the company can make the signer personally liable.
For the full explanation, see our entry on Promissory note.
General information about British Columbia and Canadian law, current to October 2026. It is not legal advice.
