Colorado § 4-3-116 - Joint and several liability; contribution.
Full text of Colorado Colorado Revised Statutes § 4-3-116 — Joint and several liability; contribution., with citation guidance and answers to common questions.
§ 4-3-116. Joint and several liability; contribution.
(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 4-3-419 (e) 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.
(c) Discharge of one party having joint and several liability by a person entitled to enforce the instrument does not affect the right under subsection (b) of this section of a party having the same joint and several liability to receive contribution from the party discharged.
Source: L. 94: Entire article R&RE, p. 848, § 1, effective January 1, 1995.
ANNOTATION
Promissory note signed by two persons "I promise to pay" is joint and several. See Ullery v. Brohm, 20 Colo. App. 389, 79 P. 180 (1904) (decided under repealed laws antecedent to CSA, C. 112, § 17, negotiable instruments law).
Frequently Asked Questions About Colorado § 4-3-116
What does Colorado Revised Statutes § 4-3-116 cover?
Section 4-3-116 ("Joint and several liability; contribution.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 4-3-116?
A common citation format is "Colorado Revised Statutes § 4-3-116" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 4-3-116 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.