N.Y. General Obligations Law § 15-701: Surety not discharged by failure or refusal by creditor to sue principal debtor

§ 15-701. Surety not discharged by failure or refusal by creditor to

sue principal debtor. Unless otherwise agreed between the parties in

writing, the failure or refusal by a creditor, after a demand by a

person bound as surety, to bring an action against a principal debtor

upon a contract hereafter made or an obligation hereafter created for

the payment of money or the performance of any act shall not discharge

such surety.