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.
Last modified: February 3, 2019