§3-1116. Joint and several liability; contribution
(1). Except as otherwise provided in the instrument, 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.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
(2). Except as provided in section 3-1419, subsection (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.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
(3). Discharge of one party having joint and several liability by a person entitled to enforce the instrument does not affect the right under subsection (2) of a party having the same joint and several liability to receive contribution from the party discharged.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1993, c. 293, §A2 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 3-A: NEGOTIABLE INSTRUMENTS
Part 1: GENERAL PROVISIONS AND DEFINITIONS
11 §3-1104. Negotiable instrument
11 §3-1105. Issue of instrument
11 §3-1106. Unconditional promise or order
11 §3-1107. Instrument payable in foreign money
11 §3-1108. Payable on demand or at definite time
11 §3-1109. Payable to bearer or to order
11 §3-1110. Identification of person to whom instrument is payable
11 §3-1113. Date of instrument
11 §3-1114. Contradictory terms of instrument
11 §3-1115. Incomplete instrument
11 §3-1116. Joint and several liability; contribution
11 §3-1117. Other agreements affecting instrument