Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 3-116 — Instruments Payable to Two or More Persons
N.Y. U.C.C. Law § 3-116
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
Section 3--116. Instruments Payable to Two or More Persons.
Citator
N.Y. U.C.C. Law § 3-116 — Instruments Payable to Two or More Persons is in force in the current edition of the Code, and nothing recorded condemns it.
Section 3--116. Instruments Payable to Two or More Persons.
An instrument payable to the order of two or more persons
(a) if in the alternative is payable to any one of them and may be negotiated, discharged or enforced by any of them who has possession of it;
(b) if not in the alternative is payable to all of them and may be negotiated, discharged or enforced only by all of them.