A joint and several bond is a bond in which the principal and the interest are guaranteed by two or more obligors. Under a joint and several bond, the obligors are, by its terms, bound both jointly and individually to pay the full amount of the bond.
The rule is that where an instrument worded in the singular is executed by several, the obligation is a joint and several one, and those who so execute it may be sued either separately or together. It is not necessary to use the technical words "joint and several" in the bond in order to make the obligation there under a joint and several one; it is sufficient for this purpose if any of the terms import the meaning of a joint and several obligation.
The following is an example of a case law referring to the term:
Under a suit for a joint and several bond, the plaintiff might have commenced suit against each of the obligors, severally, or a joint suit against them all. But in strictness of law, he has no right to commence a suit against any intermediate number. He must sue all or one. The objection, however, is not fatal to the merits, but is pleadable in abatement only; and if not so pleaded, it is waived by pleading to the merits. [Minor v. Mechanics Bank of Alexandria, 26 U.S. 46 (U.S. 1828)].