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Statutes » New York » PEP Law » Article 3-A

N.Y. PEP Law § 46-D

This is the official text of N.Y. PEP Law § 46-D, part of New York’s PEP Law — part of the compiled statutory law of New York, published by the state as "PEP Law." Browse the sections below, each linked to its official government source.

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Guarantee of certain purchases secured by assignment of earnings

Official statutory text

§ 46-d. Guarantee of certain purchases secured by assignment of\nearnings. No guarantee given to the seller to secure the payment of\ngoods, wares or merchandise amounting to fifteen hundred dollars or less\nsold for any use other than a commercial or business use, the payment of\nwhich is secured by an assignment of future earnings, shall be valid\nunless such instrument of guarantee identifies specifically and\ndescribes fully the transaction or series of transactions secured. If\nthe instrument of guarantee is given to secure subsequent transactions\nin addition to the transaction or series of transactions secured by such\nassignment, the liability of the guarantor under such instrument of\nguarantee as to subsequent transactions shall be limited to transactions\nwithin a period of two years from the date of its execution, and shall\nset forth the maximum amount for which the guarantor shall be liable.\nEach instrument of guarantee shall be executed in duplicate, and one\ncopy shall be given to the guarantor immediately upon its execution.\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.