400.3-116. Joint and several liability--contribution. - Missouri Statutes

Joint and several liability--contribution.

400.3-116. (a) Except as otherwise provided in theinstrument, two or more persons who have the same liability on aninstrument as makers, drawers, acceptors, endorsers who endorseas joint payees, or anomalous endorsers are jointly and severallyliable in the capacity in which they sign.

(b) Except as provided in Section 400.3-419(e) or byagreement of the affected parties, a party having joint andseveral liability who pays the instrument is entitled to receivefrom any party having the same joint and several liabilitycontribution in accordance with applicable law.

(c) Discharge of one party having joint and severalliability by a person entitled to enforce the instrument does notaffect the right under subsection (b) of a party having the samejoint and several liability to receive contribution from theparty discharged.

(L. 1992 S.B. 448)

*No continuity with § 400.3-116 as repealed by L. 1992 S.B. 448.