Texas Business & Commerce Code
§ 3.116 — JOINT AND SEVERAL LIABILITY; CONTRIBUTION
BC § 3.116Title 1. UNIFORM COMMERCIAL CODE · Ch. 3. NEGOTIABLE INSTRUMENTS · Art. A. GENERAL PROVISIONS AND DEFINITIONS
Statute text
View on source(a)Except as otherwise provided in the instrument, two 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.
(b)Except as provided in Section 3.419(e) 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.
(c)Repealed by Acts 2005, 79th Leg., Ch. 95, Sec. 21, eff. September 1, 2005. Amended by Acts 1995, 74th Leg., ch. 921, Sec. 1, eff. Jan. 1, 1996. Amended by:
Legislative history
Acts 2005, 79th Leg., Ch. 95 (S.B. 1563), Sec. 21, eff. September 1, 2005.