IC 26-1-3.1-116 — Joint and several liability; contribution
Chapter 3.1. Negotiable Instruments
Section text
Sec. 116. (a) Except as otherwise provided in the instrument, two (2) or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and severally liable in the capacity in which they sign. (b) Except as provided in IC 26-1-3.1-419(f) 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.
As added by P.L.222-1993, SEC.5. Amended by P.L.135-2009, SEC.4.
Source: official publisher (2026 edition)