§ 3-116. 3-116
94 words·~1 min read·
/us/ucc/a3/s3-116A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except as otherwise provided in the instrument , two or more persons who have the same liability on an instrument as makers , drawers , acceptors , indorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign.
(b)Except as provided in Section 3-419(e) or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law.