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2017 South Carolina Code of Laws
Title 36 - Commercial Code
CHAPTER 3 - COMMERCIAL CODE - NEGOTIABLE INSTRUMENTS
Section 36-3-116. Joint and several liability; contribution.
Universal Citation: SC Code § 36-3-116 (2017)
(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 36-3-419(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.
HISTORY: 1962 Code Section 10.3-116; 1966 (54) 2716; 2008 Act No. 204, Section 2, eff July 1, 2008.
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