2006 New York Code - Liability Of Surety On An Undertaking

 
    § 7-301. Liability  of  surety on an undertaking. When any undertaking
  executed within or without the state specifies that it  is  to  be  void
  upon  payment  of  an  amount  or performance of an act, the undertaking
  shall be deemed to contain a covenant either to pay  the  amount  or  to
  perform  the  act  specified.  In  the  event  of  payment,  the  amount
  recoverable from a surety shall not exceed the amount specified  in  the
  undertaking  except  that  interest  in addition to this amount shall be
  awarded from the time of default by the surety.