Statute · New York General Obligations Law
N.Y. Gen. Oblig. Law § 15-701 — Surety not discharged by failure or refusal by creditor to sue principal debtor
N.Y. Gen. Oblig. Law § 15-701
- Type
- Statute
- Source
- New York General Obligations Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 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…
Citator
N.Y. Gen. Oblig. Law § 15-701 — Surety not discharged by failure or refusal by creditor to sue principal debtor is in force in the current edition of the Code, and nothing recorded condemns it.
§ 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.