70A-3-116 - Joint and several liability -- Contribution.
70A-3-116. Joint and several liability -- Contribution.
(1) Except as otherwise provided in the instrument, two or more persons who have thesame liability on an instrument as makers, drawers, acceptors, indorsers who indorse as jointpayees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign.
(2) Except as provided in Subsection 70A-3-419(5) or by agreement of the affectedparties, a party having joint and several liability who pays the instrument is entitled to receivefrom any party having the same joint and several liability contribution in accordance withapplicable law.
(3) Discharge of one party having joint and several liability by a person entitled toenforce the instrument does not affect the right under Subsection (2) of a party having the samejoint and several liability to receive contribution from the party discharged.
Repealed and Re-enacted by Chapter 237, 1993 General Session