Glossary
What is Aval?
A guarantee that the debt in a negotiable instrument will be paid; it arises from a signature placed on the instrument.
The person giving an aval is liable in the same way as, and jointly and severally with, the person for whom it is given. The creditor is not obliged to proceed against the principal debtor first. It differs from ordinary suretyship in that it attaches to the instrument and can be enforced without argument.
Related terms
Negotiable Instrument
A commercial paper consisting of the cheque, promissory note and bill of exchange, whose formal…
Joint and Several Liability
Several debtors each being liable separately for the whole of the debt.
This definition is for general information; what the term means in your own file may differ. Let us assess your case together.