(a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and severally liable in the capacity in which they sign.
(b) Except as provided in section 42a-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.
(c) Discharge of one party having joint and several liability by a person entitled to enforce the instrument does not affect the right under subsection (b) of a party having the same joint and several liability to receive contribution from the party discharged.
(1959, P.A. 133, S. 3-116; P.A. 91-304, S. 16.)
History: P.A. 91-304 entirely replaced former provisions re instruments payable to two or more persons with provisions re joint and several liability and contribution.
See Sec. 42a-3-110(d) for successor provisions to Sec. 42a-3-116, revised to 1991, re instruments payable to two or more persons.
Instrument payable to the order of two or more persons if not in the alternative is payable to all of them and may be negotiated, discharged or enforced only by all of them. 170 C. 691.
Cited. 34 CS 606; 40 CS 70.