New York § 7-301 Liability of surety on an undertaking

New York Statutes

§ 7-301 — Liability of surety on an undertaking

New York § 7-301

Law GOBGeneral Obligations

Title 3Bonds and Undertakings

Art. 7Obligations Relating to Property Received As Security

This text of New York § 7-301 (Liability of surety on an undertaking) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. General Obligations § 7-301 (2026).

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

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§ 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