554.3116 Joint and several liability — contribution. 1. Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse asjoint payees, or anomalous endorsers are jointly and severally liable in the capacity in whichthey sign. 2. Except as provided in section 554.3419, subsection 5, or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receivefrom any party having the same joint and several liability contribution in accordance withapplicable law. 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 jointand several liability to receive contribution from the party discharged. 94 Acts, ch 1167, §25, 121, 122 Sat Dec 23 01:55:15 2023 Iowa Code 2024, Section 554.3116 (24, 0)
Iowa Legal Code