N.Y. UCC Law § 3-416

Section 3--416. Contract of Guarantor.\n (1) "Payment guaranteed" or equivalent words added to a signature mean\nthat the signer engages that if the instrument is not paid when due he\nwill pay it according to its tenor without resort by the holder to any\nother party.\n (2) "Collection guaranteed" or equivalent words added to a signature\nmean that the signer engages that if the instrument is not paid when due\nhe will pay it according to its tenor, but only after the holder has\nreduced his claim against the maker or acceptor to judgment and\nexecution has been returned unsatisfied, or after the maker or acceptor\nhas become insolvent or it is otherwise apparent that it is useless to\nproceed against him.\n (3) Words of guaranty which do not otherwise specify guarantee\npayment.\n (4) No words of guaranty added to the signature of a sole maker or\nacceptor affect his liability on the instrument. Such words added to the\nsignature of one of two or more makers or acceptors create a presumption\nthat the signature is for the accommodation of the others.\n (5) When words of guaranty are used presentment, notice of dishonor\nand protest are not necessary to charge the user.\n (6) Any guaranty written on the instrument is enforcible\nnotwithstanding any statute of frauds.\n