1. Except as otherwise provided in the instrument, two or more persons who have the same liabilityon an instrument as makers, drawers, acceptors, endorsers who endorse as jointpayees, or anomalous endorsers are jointly and severally liable in the capacity in which they sign. 2. Except as provided in section 554.3419, subsection 5, or by agreement of the affected parties, a party having joint and several liabilitywho pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable 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 joint and several liabilityto receive contribution from the party discharged.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.