N.Y. PBO Law § 12

§ 12. Force and effect of official undertaking. An officer of whom an\nofficial undertaking is required, shall not receive any money or\nproperty as such officer, or do any act affecting the disposition of any\nmoney or property which such officer is entitled to receive or have the\ncustody of, before he shall have filed such undertaking; and any person\nhaving the custody or control of any such money or property shall not\ndeliver the same to any officer of whom an undertaking is required until\nsuch undertaking shall have been given. If a public officer required to\ngive an official undertaking, enters upon the discharge of any of his\nofficial duties before giving such undertaking, the sureties upon his\nundertaking subsequently given for or during his official term shall be\nliable for all his acts and defaults done or suffered and for all moneys\nand property received during such term prior to the execution of such\nundertaking, or if a new undertaking is given, from the time notice to\ngive such new undertaking is served upon him. Every official undertaking\nshall be obligatory and in force so long as the officer shall continue\nto act as such and until his successor shall be appointed and duly\nqualified, and until the conditions of the undertaking shall have been\nfully performed. When an official undertaking is renewed pursuant to law\nthe sureties upon the former undertaking shall not be liable for any\nofficial act done or moneys received after the due execution, approval\nand filing of the new undertaking.\n