N.Y. UCC Law § 3-414
This is the official text of N.Y. UCC Law § 3-414, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Contract of Indorser; Order of Liability
Official statutory text
Section 3--414. Contract of Indorser; Order of Liability.\n (1) Unless the indorsement otherwise specifies (as by such words as\n"without recourse") every indorser engages that upon dishonor and any\nnecessary notice of dishonor and protest he will pay the instrument\naccording to its tenor at the time of his indorsement to the holder or\nto any subsequent indorser who takes it up, even though the indorser who\ntakes it up was not obligated to do so.\n (2) Unless they otherwise agree indorsers are liable to one another in\nthe order in which they indorse, which is presumed to be the order in\nwhich their signatures appear on the instrument.\n
Status: in_force · Read it on the official government site
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