N.Y. Uniform Commercial Code 3-116 – Instruments Payable to Two or More Persons
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Section 3–116. Instruments Payable to Two or More Persons.
Terms Used In N.Y. Uniform Commercial Code 3-116
- Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
- order: is a direction to pay and must be more than an
authorization or request. See N.Y. Uniform Commercial Code 3-102
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.