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Home » US Law » 2022 New York Laws » Consolidated Laws » CVP - Civil Practice Law and Rules » Article 25 - Undertakings » 2502 – Surety; Form of Affidavit; Two or More Undertakings; Condition; Acknowledgment.
§   2502.  Surety;  form  of  affidavit;  two  or  more  undertakings;
condition; acknowledgment. (a) Surety; form  of  affidavit.  Unless  the
court orders otherwise, surety shall be:
  1.  an  insurance company authorized to execute the undertaking within
the state, or
  2. a natural person, except an attorney, who shall  execute  with  the
undertaking  his  affidavit  setting forth his full name and address and
that he is domiciled within the state and  worth  at  least  the  amount
specified  in  the  undertaking exclusive of liabilities and of property
exempt from application to the satisfaction of a judgment.

(b) Two or more undertakings. Where two or more undertakings are authorized or required to be given, they may be contained in the same instrument.

(c) Condition. Where no condition is specified in an undertaking in an action or proceeding, the condition shall be that the principal shall faithfully and fairly discharge the duties and fulfill the obligations imposed by law, or court order. Where the condition specifies that the undertaking is to be void upon payment of an amount or performance of an act, the undertaking shall be construed in accordance with the provisions of section 7-301 of the general obligations law.

(d) Acknowledgment. The undertaking shall be acknowledged in the form required to entitle a deed to be recorded.