N.Y. General Obligations Law § 15-104: Discharge of one obligor, with reservations

§ 15-104. Discharge of one obligor, with reservations. Subject to the

provisions of section 15-103, the obligee's release or discharge of one

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

several obligors shall not discharge co-obligors, against whom the

obligee in writing and as part of the same transaction as the release or

discharge, expressly reserves his rights; and in the absence of such a

reservation of rights shall discharge co-obligors only to the extent

provided in section 15-105.