§ 2502. Surety; form of affidavit; two or more undertakings; condition; acknowledgment.
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§ 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.