N.Y. General Obligations Law 15-701 – Surety not discharged by failure or refusal by creditor to sue principal debtor
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§ 15-701. Surety not discharged by failure or refusal by creditor to sue principal debtor. Unless otherwise agreed between the parties in writing, the failure or refusal by a creditor, after a demand by a person bound as surety, to bring an action against a principal debtor upon a contract hereafter made or an obligation hereafter created for the payment of money or the performance of any act shall not discharge such surety.
Terms Used In N.Y. General Obligations Law 15-701
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.