N.Y. Uniform Commercial Code Law § 3-116: Instruments Payable to Two or More Persons

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.