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NRS 104.3116

Joint and several liability; contribution

Known as the Uniform Commercial Code

The act spans §§ 104–104 (489 sections).

Applied in 1 court decision — leading case Krump Const. Co. v. First Nat. Bank of Nevada (1982)

Most recently applied in Krump Const. Co. v. First Nat. Bank of Nevada (December 1982)

(Added to NRS by 1965, 821; A 1993, 1265; 2005, 1997)

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 as joint payees, or anomalous endorsers are jointly and severally liable in the capacity in which they sign.

2. Except as otherwise provided in subsection 6 of NRS 104.3419 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.

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 liability to receive contribution from the party discharged.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.