§ 37. Bond to discharge all liens. (1) The owner or contractor between\nwhom a contract exists for the improvement of real property may, either\nbefore or after the commencement of the improvement, execute as a\nprincipal, a bond to the county clerk of the county where the premises\nare situated in such amount as the supreme court of this state, or any\njustice thereof, or the county court or the county judge of such county\nmay direct, which shall not be less than the amount then unpaid under\nsuch contract, conditioned for the payment of any judgment or judgments\nwhich may be recovered in any action brought for the enforcement of any\nand all claims, notices of which may be filed as in this section\nprovided, arising by virtue of labor performed or materials furnished in\nor about the performance of any such contract. As many such bonds may be\nexecuted as there are contractors employed upon the improvement.\n (2) Such a bond must be executed as a surety by a fidelity or surety\ncompany authorized to do business in this state, and to which a\ncertificate of solvency has been issued and is unrevoked pursuant to\nsection one thousand one hundred eleven of the insurance law.\n (3) Such bond shall recite the name of the owner, the name of the\ncontractor, the name of the surety company, the date and amount of the\ncontract, and shall contain a description of the real property upon\nwhich the improvement is to be made, is being made, or has been made;\nsuch description shall be sufficient if it complies with the\nrequirements in respect thereto prescribed for a notice of lien.\n (4) Upon the approval of any such bond by such court, judge or justice\nthereof and upon the filing of such bond with the county clerk of the\ncounty where the real property is situated, an order shall be made by\nsuch court, judge or justice discharging such property from the lien of\neach and every contractor, subcontractor, material man or laborer\nperforming labor or furnishing materials in or about the performance of\nthe contract described in such bond. After the filing of such bond, the\nowner and the contractor named therein shall no longer be obligated to\ncomply with the provisions of section eight of this chapter insofar as\nsaid provisions may relate to or in any way affect the contract,\ndescribed in said bond, or the rights of any person performing labor or\nfurnishing materials in or about the performance thereof.\n (5) A contractor, subcontractor, laborer or material man who performs\nlabor or furnishes materials in or about the performance of the contract\ndescribed in such bond shall have a claim, which shall attach against\nand be secured by such bond, for the principal and interest of the\nvalue, or the agreed price, of such labor and materials. Within the\nmeaning of the provisions of this section, materials actually\nmanufactured for but not delivered to the real property, shall also be\ndeemed to be materials furnished.\n The claimant in order to perfect his claim shall within the time\nprescribed in this chapter for the filing of a notice of lien, file a\nnotice of claim in the office of the clerk of the county where such bond\nis filed. Any such claimant who has so perfected his claim may bring an\naction on the bond for the enforcement thereof in any court where an\naction might have been brought if such claim were a lien filed against\nsuch real property.\n (6) The notice of claim shall state: (1) the name and residence of the\nclaimant; and if the claimant is a partnership or a corporation, the\nbusiness address of such firm, or corporation, the names of partners and\nprincipal place of business, and if a foreign corporation, its principal\nplace of business within the state; (2) the names of the owner,\ncontractor and surety named in the bond; (3) the name of the person by\nwhom the claimant was employed or to whom he furnished or is to furnish\nmaterials; (4) the labor performed or materials furnished, including\nalso
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