N.Y. General Obligations Law § 15-108: Release or covenant not to sue

§ 15-108. Release or covenant not to sue. (a) Effect of release of or

covenant not to sue tortfeasors. When a release or a covenant not to sue

or not to enforce a judgment is given to one of two or more persons

liable or claimed to be liable in tort for the same injury, or the same

wrongful death, it does not discharge any of the other tortfeasors from

liability for the injury or wrongful death unless its terms expressly so

provide, but it reduces the claim of the releasor against the other

tortfeasors to the extent of any amount stipulated by the release or the

covenant, or in the amount of the consideration paid for it, or in the

amount of the released tortfeasor's equitable share of the damages under

article fourteen of the civil practice law and rules, whichever is the

greatest.

(b) Release of tortfeasor. A release given in good faith by the

injured person to one tortfeasor as provided in subdivision (a) relieves

him from liability to any other person for contribution as provided in

article fourteen of the civil practice law and rules.

(c) Waiver of contribution. A tortfeasor who has obtained his own

release from liability shall not be entitled to contribution from any

other person.

(d) Releases and covenants within the scope of this section. A release

or a covenant not to sue between a plaintiff or claimant and a person

who is liable or claimed to be liable in tort shall be deemed a release

or covenant for the purposes of this section only if:

(1) the plaintiff or claimant receives, as part of the agreement,

monetary consideration greater than one dollar;

(2) the release or covenant completely or substantially terminates the

dispute between the plaintiff or claimant and the person who was claimed

to be liable; and

(3) such release or covenant is provided prior to entry of judgment.