N.Y. Personal Property Law § 46-d: Guarantee of certain purchases secured by assignment of earnings

§ 46-d. Guarantee of certain purchases secured by assignment of

earnings. No guarantee given to the seller to secure the payment of

goods, wares or merchandise amounting to fifteen hundred dollars or less

sold for any use other than a commercial or business use, the payment of

which is secured by an assignment of future earnings, shall be valid

unless such instrument of guarantee identifies specifically and

describes fully the transaction or series of transactions secured. If

the instrument of guarantee is given to secure subsequent transactions

in addition to the transaction or series of transactions secured by such

assignment, the liability of the guarantor under such instrument of

guarantee as to subsequent transactions shall be limited to transactions

within a period of two years from the date of its execution, and shall

set forth the maximum amount for which the guarantor shall be liable.

Each instrument of guarantee shall be executed in duplicate, and one

copy shall be given to the guarantor immediately upon its execution.