§ 34.1-3-116 — Joint and several liability; contribution

Wyoming § 34.1-3-116

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 3: NEGOTIABLE INSTRUMENTS

Text

(a) Except as otherwise provided in the instrument, two
(2) 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 34.1-3-419(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 (1) 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.