28-3-116. JOINT AND SEVERAL LIABILITY — CONTRIBUTION. (1) 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.
(2) Except as provided in section 28-3-419(5) 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.
(3) 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 (2) of this section of a party having the same joint and several liability to receive contribution from the party discharged.
History:
[28-3-116, added 1993, ch. 288, sec. 2, p. 1027.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 3 - UNIFORM COMMERCIAL CODE — NEGOTIABLE INSTRUMENTS
Part 1 - GENERAL PROVISIONS AND DEFINITIONS
Section 28-3-101 - SHORT TITLE.
Section 28-3-102 - SUBJECT MATTER.
Section 28-3-103 - DEFINITIONS.
Section 28-3-104 - NEGOTIABLE INSTRUMENT.
Section 28-3-105 - ISSUE OF INSTRUMENT.
Section 28-3-106 - UNCONDITIONAL PROMISE OR ORDER.
Section 28-3-107 - INSTRUMENT PAYABLE IN FOREIGN MONEY.
Section 28-3-108 - PAYABLE ON DEMAND OR AT DEFINITE TIME.
Section 28-3-109 - PAYABLE TO BEARER OR TO ORDER.
Section 28-3-110 - IDENTIFICATION OF PERSON TO WHOM INSTRUMENT IS PAYABLE.
Section 28-3-111 - PLACE OF PAYMENT.
Section 28-3-113 - DATE OF INSTRUMENT.
Section 28-3-114 - CONTRADICTORY TERMS OF INSTRUMENT.
Section 28-3-115 - INCOMPLETE INSTRUMENT.
Section 28-3-116 - JOINT AND SEVERAL LIABILITY — CONTRIBUTION.
Section 28-3-117 - OTHER AGREEMENTS AFFECTING INSTRUMENT.