N.Y. Personal Property Law § 420: Guaranties to sellers of liabilities of buyers under retail instalment contracts

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

instalment contracts. (a) 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. A copy of the guaranty and the

contract to which it relates shall be given or mailed to the guarantor

upon or immediately after the execution and delivery of the guaranty by

the guarantor. As used in this section, "retail instalment contract" and

"contract" include a retail instalment obligation and a retail

instalment contract as defined in the motor vehicle retail instalment

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

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

instalment contract.

(b) 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 relate to any future retail instalment contracts.