New York Laws
Article 2 - Appointment and Qualification of Public Officers
11 - Official Undertakings.

(a) through the failure of the officers, clerks and employees covered
thereunder faithfully to perform their duties or to account properly for
all moneys or property received by virtue of their positions or
employment, and
(b) through fraudulent or dishonest acts committed by the officers,
clerks and employees covered thereunder.
Notwithstanding any provisions of the civil practice law and rules any
such blanket undertaking entered into prior to January first, nineteen
hundred eighty-three may contain a provision that no suit, action or
proceeding of any kind to recover on account of loss under such blanket
undertaking shall be brought after the expiration of three years from
the cancellation of such blanket undertaking as an entirety. Any such
blanket undertaking shall be approved as to its form, manner of
execution and sufficiency of the surety and filed and the expense of
procuring such surety paid in the same manner as provided in subdivision
one of this section. The failure to execute such blanket undertaking in
the form required by law, or the omission of the approval required by
law, shall not affect the liability of the surety thereon.
3. Nothing herein contained shall be construed to prevent the
procuring of a blanket undertaking to cover the liability of employees
handling funds collected pursuant to the provisions of section fifty of
the vehicle and traffic law.
4. Notwithstanding the provisions of this section or any other law,
general or special, requiring an official undertaking or bond to be
conditioned substantially to the effect that a state officer, clerk or
employee will faithfully discharge his duties and promptly account for
and pay over all moneys or property received by him in his official
capacity, the comptroller may, in his discretion, waive the requirement
of procuring such official undertaking or bond, and the expense of
procuring an official undertaking or bond shall not be a charge upon the
state unless the comptroller shall first have approved the necessity of
requiring such official undertaking or bond.