N.Y. GOB Law § 7-301
This is the official text of N.Y. GOB Law § 7-301, 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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Liability of surety on an undertaking
Official statutory text
§ 7-301. Liability of surety on an undertaking. When any undertaking\nexecuted within or without the state specifies that it is to be void\nupon payment of an amount or performance of an act, the undertaking\nshall be deemed to contain a covenant either to pay the amount or to\nperform the act specified. In the event of payment, the amount\nrecoverable from a surety shall not exceed the amount specified in the\nundertaking except that interest in addition to this amount shall be\nawarded from the time of default by the surety.\n
Status: in_force · Read it on the official government site
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