Amends the dates for filing a claim and commencing an action on a bond; provides that no action on a payment bond after the expiration of one year from the date on which the public improvement has been completed and accepted by the public owner.
STATE OF NEW YORK
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S. 3182 A. 5025
2011-2012 Regular Sessions
SENATE - ASSEMBLY
February 10, 2011
___________
IN SENATE -- Introduced by Sen. DeFRANCISCO -- read twice and ordered
printed, and when printed to be committed to the Committee on Finance
IN ASSEMBLY -- Introduced by M. of A. CUSICK, MAGNARELLI, TITONE -- read
once and referred to the Committee on Codes
AN ACT to amend the state finance law, in relation to amending the date
for commencing an action on a bond
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (b) of subdivision 4 of section 137 of the state
2 finance law, as amended by chapter 242 of the laws of 2002, is amended
3 to read as follows:
4 (b) Except as provided in section two hundred twenty-g of the labor
5 law, no action on a payment bond furnished pursuant to this section
6 shall be commenced after the expiration of one year from the date on
7 which [final payment under the claimant's subcontract became due] the
8 public improvement has been completed and accepted by the public owner.
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00505-01-1
