N.Y. Gen. Oblig. Law § 15-103

§ 15-103. Consideration to be credited to co-obligor. The amount or\nvalue of any consideration received by the obligee from one or more of\nseveral obligors, or from one or more of joint, or of joint and several\nobligors, in whole or in partial satisfaction of their obligations,\nshall be credited to the extent of the amount received on the\nobligations of all co-obligors to whom the obligor or obligors giving\nthe consideration did not stand in the relation of a surety.\n