N.Y. Uniform Commercial Code Law § 3-502: Unexcused Delay; Discharge

Section 3--502. Unexcused Delay; Discharge.

(1) Where without excuse any necessary presentment or notice of

dishonor is delayed beyond the time when it is due

(a) any indorser is discharged; and

(b) any drawer or the acceptor of a draft payable at a bank or the

maker of a note payable at a bank who because the drawee or payor bank

becomes insolvent during the delay is deprived of funds maintained with

the drawee or payor bank to cover the instrument may discharge his

liability by written assignment to the holder of his rights against the

drawee or payor bank in respect of such funds, but such drawer, acceptor

or maker is not otherwise discharged.

(2) Where without excuse a necessary protest is delayed beyond the

time when it is due any drawer or indorser is discharged.