Ind. Code § 26-1-3.1-116
This is the official text of Ind. Code § 26-1-3.1-116, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Joint and several liability; contribution
Official statutory 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.
(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.
Status: in_force · Read it on the official government site
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