(1) Except as otherwise provided in the instrument, two (2) 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.
(2) Except as provided in KRS 355.3-419(6) 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. Effective: July 12, 2006 History: Amended 2006 Ky. Acts ch. 242, sec. 35, effective July 12, 2006. -- Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 16, effective January 1, 1997. --Created 1958 Ky. Acts ch. 77, sec. 3-116, effective July 1, 1960.
Notes of Decisions
Farmers Bank & Trust Co. v. Brazell, 902 S.W.2d 830 (Ky. Ct. App. 1995).
· cites it 2× “Since two people owned these certificates, KRS 355.3-116, the statute describing how two-party instruments may be negotiated, applies.”
Maess v. Greenfield, 547 S.W.2d 777 (Ky. Ct. App. 1977).
“KRS 355.3-116. In Saylor v. Saylor, Ky., 389 S.”
J.P. Morgan Delaware v. Onyx Arabians II, Ltd., 825 F. Supp. 146 (W.D. Ky. 1993).
“346 (1922) and KRS 355.3-116(2). Therefore, Lasma II was a holder without endorsement throughout the entire time the notes were in its possession.”
— Ky. Rev. Stat. § 355.3-116(2) — 1 case
J.P. Morgan Delaware v. Onyx Arabians II, Ltd., 825 F. Supp. 146 (W.D. Ky. 1993).
“346 (1922) and KRS 355.3-116(2). Therefore, Lasma II was a holder without endorsement throughout the entire time the notes were in its possession.”
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