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The last person to refer the surfer gets the credit. That's what it looks like on the cookie at least.
Referred from webmaster A. Cookie value:
CLICKS2zhqFGFAhcJQ*
Return to the site again but referred from webmaster B. Cookie value:
CLICKS2zhSFGVQlcJQ*
Go back to the site again through webmaster A's link code. Cookie value:
CLICKS2zhqFGFAhcJQ*
Why I went back through webmaster A's link code was just to check if there was a time variable, counter or something like that would make each cookie value unique. But there wasn't. So it looks like the last webmaster to refer a surfer gets the credit. Which makes perfect sense.
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