8.3A-116 - A-116. Joint and several liability; contribution. - Virginia Statutes

§ 8.3A-116. Joint and several liability; contribution.

(a) Except as otherwise provided in the instrument, two or more persons whohave the same liability on an instrument as makers, drawers, acceptors,endorsers who endorse as joint payees, or anomalous endorsers are jointly andseverally liable in the capacity in which they sign.

(b) Except as provided in § 8.3A-419 (e) or by agreement of the affectedparties, a party having joint and several liability who pays the instrumentis entitled to receive from any party having the same joint and severalliability contribution in accordance with applicable law.

(c) Discharge of one party having joint and several liability by a personentitled to enforce the instrument does not affect the right under subsection(b) of a party having the same joint and several liability to receivecontribution from the party discharged.

(Code 1950, § 6-393; 1964, c. 219, § 8.3-118; 1992, c. 693.)