N.Y. Uniform Commercial Code Law § 3-414: Contract of Indorser; Order of Liability

Section 3--414. Contract of Indorser; Order of Liability.

(1) Unless the indorsement otherwise specifies (as by such words as

"without recourse") every indorser engages that upon dishonor and any

necessary notice of dishonor and protest he will pay the instrument

according to its tenor at the time of his indorsement to the holder or

to any subsequent indorser who takes it up, even though the indorser who

takes it up was not obligated to do so.

(2) Unless they otherwise agree indorsers are liable to one another in

the order in which they indorse, which is presumed to be the order in

which their signatures appear on the instrument.