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The Laws of New York
Consolidated Laws of New York
CHAPTER 43-A
Public Authorities
ARTICLE 8
Miscellaneous Authorities
TITLE 18
State of New York Municipal Bond Bank Agency Act
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SECTION 2440
Remedies of bondholders and noteholders
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TITLE 18
State of New York Municipal Bond Bank Agency Act
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SECTION 2442
Agreement of the state
This entry was published on 2014-09-22
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SECTION 2441
State and municipalities not liable on bonds and notes
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 18
§ 2441. State and municipalities not liable on bonds and notes. The
bonds, notes, tax lien collateralized securities and other obligations
of the agency and its tax lien entity shall not be a debt of the state
of New York or of any municipality, and neither the state nor any
municipality shall be liable thereon, nor shall they be payable out of
any funds other than those of the agency pledged therefor and such
bonds, notes, tax lien collateralized securities and other obligations
shall contain on the face thereof a statement to such effect.