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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

003

:
Commercial Paper











 

§

3-116. Joint and several liability; contribution

(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) of this title 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. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)