2012 New York Consolidated Laws
CVP - Civil Practice Law & Rules
Article 25 - (2501 - 2513) UNDERTAKINGS
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,  an
  undertaking in an amount of more than one thousand dollars, which is not
  a  deposit  of  legal  tender  of  the United States or in face value of
  unregistered bonds of the United States or  of  the  state,  upon  which
  natural  persons are surety shall be secured by real property located in
  the state which shall be worth the amount specified in  the  undertaking
  exclusive  of  all encumbrances. Such undertaking shall create a lien on
  the real property when recorded in  the  individual  surety  bond  liens
  docket  in  the  office of the clerk or register of the county where the
  real property is located.
    (b) Affidavit of surety. The affidavit of the surety shall contain, in
  addition to the information required by subdivision (a) of section 2502:
    1. a statement that the surety or sureties is or are the sole owner or
  owners of the real property offered as security;
    2. a description of the property, sufficiently identified to establish
  the lien of the undertaking;
    3. a statement of the total amount of the  liens,  unpaid  taxes,  and
  other encumbrances against each property offered; and
    4.  a  statement  of  the assessed value of each property offered, its
  market  value,  and  the  value  of  the  equity  over  and  above   all
  encumbrances, liens and unpaid taxes.
    (c)  Filing  of  affidavit;  recording.  A  duplicate  original of the
  affidavit required by this rule shall be filed  in  the  office  of  the
  clerk or register of the county where the real property is located.  The
  following  information  shall  be  entered on the individual surety bond
  liens docket in the office of the clerk or register of the county  where
  the 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 as
  security thereunder, sufficiently identified to  clearly  establish  the
  lien of the undertaking;
    4. the date of such recording;
    5. the title of the action, proceeding or estate; and
    6. the court in which the papers are filed.
    (d)  Release  of  lien.  The clerk or register of the county where the
  property is located shall  make  an  entry,  which  shall  constitute  a
  release of the lien for all purposes and as to all persons, upon
    1.  the  filing  of  a  consent  acknowledged  by the person for whose
  benefit the undertaking was given in the form required to entitle a deed
  to be recorded; or
    2. the order of the court, discharging the surety,  made  upon  motion
  with such notice to other persons as the court may direct.