N.Y. CPLR § 2503

NEW YORK CIVIL PRACTICE LAW AND RULES (CPLR) New York State | For Informational Purposes Only CPLR § 2503 Undertaking of more than one thousand dollars; real property;lien § 2503. Undertaking of more than one thousand dollars; real property;lien. (a) Creation of lien. Unless the court orders otherwise, anundertaking in an amount of more than one thousand dollars, which is nota deposit of legal tender of the United States or in face value ofunregistered bonds of the United States or of the state, upon whichnatural persons are surety shall be secured by real property located inthe state which shall be worth the amount specified in the undertakingexclusive of all encumbrances. Such undertaking shall create a lien onthe real property when recorded in the individual surety bond liensdocket in the office of the clerk or register of the county where thereal property is located.(b) Affidavit of surety. The affidavit of the surety shall contain, inaddition to the information required by subdivision (a) of section 2502:1. a statement that the surety or sureties is or are the sole owner orowners of the real property offered as security;2. a description of the property, sufficiently identified to establishthe lien of the undertaking;3. a statement of the total amount of the liens, unpaid taxes, andother encumbrances against each property offered; and4. a statement of the assessed value of each property offered, itsmarket value, and the value of the equity over and above allencumbrances, liens and unpaid taxes.(c) Filing of affidavit; recording. A duplicate original of theaffidavit required by this rule shall be filed in the office of theclerk or register of the county where the real property is located. Thefollowing information shall be entered on the individual surety bondliens docket in the office of the clerk or register of the county wherethe real property is located:1. property is located. Thefollowing information shall be entered on the individual surety bondliens docket in the office of the clerk or register of the county wherethe real property is located:1. the names of the sureties listed in alphabetical order;2. the amount of the undertaking;3. a description of the real property or properties offered assecurity thereunder, sufficiently identified to clearly establish thelien of the undertaking;4. the date of such recording;5. the title of the action, proceeding or estate; and6. the court in which the papers are filed.(d) Release of lien. The clerk or register of the county where theproperty is located shall make an entry, which shall constitute arelease of the lien for all purposes and as to all persons, upon1. the filing of a consent acknowledged by the person for whosebenefit the undertaking was given in the form required to entitle a deedto be recorded; or2. the order of the court, discharging the surety, made upon motionwith such notice to other persons as the court may direct.