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N.Y. GOB Law § 5-1704

This is the official text of N.Y. GOB Law § 5-1704, part of New York’s GOB Law — part of the compiled statutory law of New York, published by the state as "GOB Law." Browse the sections below, each linked to its official government source.

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Provisions prohibited in transfer agreement

Official statutory text

§ 5-1704. Provisions prohibited in transfer agreement. No transfer\nagreement or other document or agreement executed in association with\nthe transfer shall contain any provision described in this section. To\nthe extent that a prohibited provision is included in a transfer\nagreement such provision shall be void and unenforceable. A prohibited\nprovision is:\n (a) any provision that waives the payee's right to sue under any law,\nor where the payee agrees not to sue, or which waives jurisdiction or\nstanding to sue under the transfer agreement;\n (b) any provision that requires the payee to indemnify and hold\nharmless the transferee, or to pay the transferee's costs of defense, in\nany claim or action brought by the payee on or the payee's behalf\ncontesting the transfer for any reason;\n (c) any provision that requires the payee to pay the transferee's\nattorney's fees or costs if the transfer contemplated by the transfer\nagreement is not completed; and\n (d) any provision that requires the payee to pay any tax liability\narising under federal tax laws, other than the seller's own tax\nliability, if any, that results from the transfer.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.