1. (a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign.

2. (b) Except as provided in subsection (f) of Section 3-419 of this title or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law.

   Oklahoma Code Comment

   Section 3-116 picks up and elaborates upon the rule of pre-revision subsection 3-118(e). In that regard, these rules codified older Oklahoma decisions such as Schneider v. Republic Supply Co., 123 Okla. 98, 252 P. 45 (1926), and Outcalt v. Collier, 8 Okla. 473, 58 P. 642 (1899). Pre-revision subsection 3-118(f), which limited prior consent to an extension of time to a single extension not longer than the original note period, was dropped entirely by the 1992 UCC revisions. The rules concerning consent to extensions are now contained primarily in Section 3-605, and do not include any such Iimitation.

Laws 1961, SB 36, p. 105, §