NYC Administrative Code

§ 7-207 — Payment of bonds upon which suit is barred by lapse of time.

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What is NYC AC § 7-207?

Quick Answer

This section outlines the payment obligations of the comptroller regarding bonds or other evidences of indebtedness issued by the city. It specifies that payments of principal and interest must occur within twenty years after a cause of action has accrued, even if the suit is barred by the statute of limitations. Applies to city-issued bonds and related financial instruments.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 7-207 Payment of bonds upon which suit is barred by lapse of time.

AC § 7-207

Notwithstanding any other provision of law, the comptroller shall pay the principal and interest upon bonds or other evidences of indebtedness issued by the city within twenty years after a cause of action has accrued on said bonds or other evidences of indebtedness issued by the city or interest thereon, suit upon which may be barred by the statute of limitations.

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