Statute · New York Constitution
N.Y. Const. art. XVIII, § 7 — Liability arising from guarantees to be deemed indebtedness; method of computing
N.Y. Const. art. XVIII, § 7
- Type
- Statute
- Source
- New York Constitution
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 7. The liability arising from any guarantee of the principal of and interest on indebtedness contracted by a public corporation shall be deemed indebtedness in the amount of the face value of the principal thereof remaining unpaid. The liability arising from any guarantee of only the interest…
Citator
N.Y. Const. art. XVIII, § 7 — Liability arising from guarantees to be deemed indebtedness; method of computing is in force in the current edition of the Code, and nothing recorded condemns it.
§ 7. The liability arising from any guarantee of the principal of and interest on indebtedness contracted by a public corporation shall be deemed indebtedness in the amount of the face value of the principal thereof remaining unpaid. The liability arising from any guarantee of only the interest on indebtedness contracted by a public corporation shall be deemed indebtedness in the amount of the commuted value of the total interest guaranteed and remaining unpaid, calculated on the basis of an annual interest rate of four per centum.