N.Y. Personal Property Law § 313: Guaranties to sellers of liabilities of buyers under retail instalment contracts

§ 313. Guaranties to sellers of liabilities of buyers under retail

instalment contracts. No guaranty given to the seller or to the seller

and the seller's assignee of the liabilities of a buyer under a retail

instalment contract shall be valid unless the guaranty is incorporated

in or endorsed on the contract or identifies the contract and specifies

the time balance thereof or, if the guaranty relates to one or more

future retail instalment contracts, it limits the liability of the

guarantor to contracts dated within a period of two years from the date

of the guaranty and sets forth the maximum amount for which the

guarantor shall be liable. A copy of the guaranty shall be given or

mailed to the guarantor upon or immediately after the execution and

delivery of the original guaranty by the guarantor.

As used in this section, "retail instalment contract" and "contract"

include a retail instalment contract as defined in the retail instalment

sales act, constituting article ten of this chapter. This section does

not apply to a guaranty made by a seller or a holder of a retail

instalment contract.