2006 New York Code - Instruments Payable To Two Or More Persons.

 
  Section 3--116. Instruments Payable to Two or More Persons.
    An instrument payable to the order of two or more persons
    (a)  if  in  the  alternative is payable to any one of them and may be
  negotiated, discharged or enforced by any of them who has possession  of
  it;
    (b)  if  not  in  the alternative is payable to all of them and may be
  negotiated, discharged or enforced only by all of them.