Instruments Payable to Two or More Persons

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. Source: PL 3-56, § 1 (§ 3116).