New York Statutes
§ 15-701 — Surety not discharged by failure or refusal by creditor to sue principal debtor
New York·Law GOB General Obligations·Title 7 Discharge of Surety·Art. 15 Modification and Discharge of Obligations
§ 15-701. Surety not discharged by failure or refusal by creditor to\nsue principal debtor. Unless otherwise agreed between the parties in\nwriting, the failure or refusal by a creditor, after a demand by a\nperson bound as surety, to bring an action against a principal debtor\nupon a contract hereafter made or an obligation hereafter created for\nthe payment of money or the performance of any act shall not discharge\nsuch surety.\n
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Related
Republic Nat. Bank of New York v. Sabet
512 F. Supp. 416 (S.D. New York, 1981)
State v. International Fidelity Insurance
152 A.D.2d 77 (Appellate Division of the Supreme Court of New York, 1989)
Kirby v. Coastal Sales Ass'n, Inc.
82 F. Supp. 2d 193 (S.D. New York, 2000)
Nearby Sections
15
§ 15-101
Definitions§ 15-102
Co-obligor not a party§ 15-106
Death of joint obligor§ 15-107
Release of partner§ 15-108
Release or covenant not to sue§ 15-109
Uniformity of interpretation§ 15-110
Inconsistent laws repealed§ 15-501
Executory accord