General Obligations Law 13-107 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 13-105 Effect of transfer of claim or demand up TITLE 1 Transferability; Effect of Transfer next SECTION 13-109 Definition of "transfer Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 13-107 Claims or demands transferred with bond unless reserved General Obligations (GOB) CHAPTER 24-A, ARTICLE 13, TITLE 1 § 13-107. Claims or demands transferred with bond unless reserved. 1. Unless expressly reserved in writing, a transfer of any bond shall vest in the transferee all claims or demands of the transferrer, whether or not such claims or demands are known to exist, (a) for damages or rescission against the obligor on such bond, (b) for damages against the trustee or depositary under any indenture under which such bond was issued or outstanding, and (c) for damages against any guarantor of the obligation of such obligor, trustee or depositary. 2. As used in this section, "bond" shall mean and include any and all shares and interests in an issue of bonds, notes, debentures or other evidences of indebtedness of individuals, partnerships, associations or corporations, whether or not secured. 3. As used in this section, "indenture" means any mortgage, deed of trust, trust or other indenture, or similar instrument or agreement (including any supplement or amendment to any of the foregoing), under which bonds as herein defined are issued or outstanding, whether or not any property, real or personal, is, or is to be, pledged, mortgaged, assigned, or conveyed thereunder.