N.Y. UCC Law § 3-502

Section 3--502. Unexcused Delay; Discharge.\n (1) Where without excuse any necessary presentment or notice of\ndishonor is delayed beyond the time when it is due\n (a) any indorser is discharged; and\n (b) any drawer or the acceptor of a draft payable at a bank or the\nmaker of a note payable at a bank who because the drawee or payor bank\nbecomes insolvent during the delay is deprived of funds maintained with\nthe drawee or payor bank to cover the instrument may discharge his\nliability by written assignment to the holder of his rights against the\ndrawee or payor bank in respect of such funds, but such drawer, acceptor\nor maker is not otherwise discharged.\n (2) Where without excuse a necessary protest is delayed beyond the\ntime when it is due any drawer or indorser is discharged.\n