General Obligations Law 7-301 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search up TITLE 3 Bonds and Undertakings Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7-301 Liability of surety on an undertaking General Obligations (GOB) CHAPTER 24-A, ARTICLE 7, TITLE 3 § 7-301. Liability of surety on an undertaking. When any undertaking executed within or without the state specifies that it is to be void upon payment of an amount or performance of an act, the undertaking shall be deemed to contain a covenant either to pay the amount or to perform the act specified. In the event of payment, the amount recoverable from a surety shall not exceed the amount specified in the undertaking except that interest in addition to this amount shall be awarded from the time of default by the surety.