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This entry was published on 2014-09-22
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Guarantee of certain purchases secured by assignment of earnings
Personal Property (PEP) CHAPTER 41, ARTICLE 3-A
§ 46-d. Guarantee of certain purchases secured by assignment of
earnings. No guarantee given to the seller to secure the payment of
goods, wares or merchandise amounting to fifteen hundred dollars or less
sold for any use other than a commercial or business use, the payment of
which is secured by an assignment of future earnings, shall be valid
unless such instrument of guarantee identifies specifically and
describes fully the transaction or series of transactions secured. If
the instrument of guarantee is given to secure subsequent transactions
in addition to the transaction or series of transactions secured by such
assignment, the liability of the guarantor under such instrument of
guarantee as to subsequent transactions shall be limited to transactions
within a period of two years from the date of its execution, and shall
set forth the maximum amount for which the guarantor shall be liable.
Each instrument of guarantee shall be executed in duplicate, and one
copy shall be given to the guarantor immediately upon its execution.