§ 46-d. Guarantee of certain purchases secured by assignment of\nearnings. No guarantee given to the seller to secure the payment of\ngoods, wares or merchandise amounting to fifteen hundred dollars or less\nsold for any use other than a commercial or business use, the payment of\nwhich is secured by an assignment of future earnings, shall be valid\nunless such instrument of guarantee identifies specifically and\ndescribes fully the transaction or series of transactions secured. If\nthe instrument of guarantee is given to secure subsequent transactions\nin addition to the transaction or series of transactions secured by such\nassignment, the liability of the guarantor under such instrument of\nguarantee as to subsequent transactions shall be limited to transactions\nwithin a period of two years from the date of its execution, and shall\nset forth the maximum amount for which the guarantor shall be liable.\nEach instrument of guarantee shall be executed in duplicate, and one\ncopy shall be given to the guarantor immediately upon its execution.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.