Section 3--414. Contract of Indorser; Order of Liability.\n (1) Unless the indorsement otherwise specifies (as by such words as\n"without recourse") every indorser engages that upon dishonor and any\nnecessary notice of dishonor and protest he will pay the instrument\naccording to its tenor at the time of his indorsement to the holder or\nto any subsequent indorser who takes it up, even though the indorser who\ntakes it up was not obligated to do so.\n (2) Unless they otherwise agree indorsers are liable to one another in\nthe order in which they indorse, which is presumed to be the order in\nwhich their signatures appear on the instrument.\n
‹ Prev All New York 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.