§ 25-3-116. Joint and several liability; contribution. - North Carolina Statutes

§25‑3‑116.  Joint and several liability; contribution.

(a)        Except as otherwiseprovided in the instrument, two or more persons who have the same liability onan instrument as makers, drawers, acceptors, indorsers who indorse as jointpayees, or anomalous indorsers are jointly and severally liable in the capacityin which they sign.

(b)        Except as providedin G.S. 25‑3‑419(e) or by agreement of the affected parties, aparty having joint and several liability who pays the instrument is entitled toreceive from any party having the same joint and several liability contributionin accordance with applicable law.

(c)        Discharge of oneparty having joint and several liability by a person entitled to enforce theinstrument does not affect the right under subsection (b) of this section of aparty having the same joint and several liability to receive contribution fromthe party discharged. (1899, c. 733, ss. 17, 68; Rev., ss. 1952, 2217, 2341;C.S., ss. 2998, 3049; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)