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.