N.Y. General Obligations Law § 15-103: Consideration to be credited to co-obligor

§ 15-103. Consideration to be credited to co-obligor. The amount or

value of any consideration received by the obligee from one or more of

several obligors, or from one or more of joint, or of joint and several

obligors, in whole or in partial satisfaction of their obligations,

shall be credited to the extent of the amount received on the

obligations of all co-obligors to whom the obligor or obligors giving

the consideration did not stand in the relation of a surety.