N.Y. Uniform Commercial Code Law § 3-416: Contract of Guarantor

Section 3--416. Contract of Guarantor.

(1) "Payment guaranteed" or equivalent words added to a signature mean

that the signer engages that if the instrument is not paid when due he

will pay it according to its tenor without resort by the holder to any

other party.

(2) "Collection guaranteed" or equivalent words added to a signature

mean that the signer engages that if the instrument is not paid when due

he will pay it according to its tenor, but only after the holder has

reduced his claim against the maker or acceptor to judgment and

execution has been returned unsatisfied, or after the maker or acceptor

has become insolvent or it is otherwise apparent that it is useless to

proceed against him.

(3) Words of guaranty which do not otherwise specify guarantee

payment.

(4) No words of guaranty added to the signature of a sole maker or

acceptor affect his liability on the instrument. Such words added to the

signature of one of two or more makers or acceptors create a presumption

that the signature is for the accommodation of the others.

(5) When words of guaranty are used presentment, notice of dishonor

and protest are not necessary to charge the user.

(6) Any guaranty written on the instrument is enforcible

notwithstanding any statute of frauds.