Statutes, codes, and regulations
Consolidated Laws of New York
Chapter - GENERAL OBLIGATIONSArticle 15 - MODIFICATION AND DISCHARGE OF OBLIGATIONS
Title 7 - DISCHARGE OF SURETY
Section 15-701 - Surety not discharged by failure or refusal by creditor to sue principal debtor

N.Y. Gen. Oblig. Law § 15-701

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Current through 2024 NY Law Chapter 457
Section 15-701 - Surety not discharged by failure or refusal by creditor to sue principal debtor

Unless otherwise agreed between the parties in writing, the failure or refusal by a creditor, after a demand by a person bound as surety, to bring an action against a principal debtor upon a contract hereafter made or an obligation hereafter created for the payment of money or the performance of any act shall not discharge such surety.

N.Y. Gen. Oblig. Law § 15-701