Legislation
SECTION 3-116
Instruments Payable to Two or More Persons
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 3, PART 1
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.
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.