§ 4-3-116 — Joint and several liability; contribution

Colorado § 4-3-116

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Negotiable Instruments

Text

(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 4-3-419 (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
this section of a party having the same joint and several liability to receive
contribution from the party discharged.

Legislative History

Source: L. 94: Entire article R&RE, p. 848, � 1, effective January 1, 1995.