N.Y. Gen. Oblig. Law § 15-107

§ 15-107. Release of partner. A release of a partner from a\npartnership liability shall release his co-partners from the same\nliability to the creditor giving the release, but after a partnership\nhas been dissolved, by consent or otherwise, any partner may make a\nseparate composition or compromise with any partnership creditor, and\nsuch composition or compromise shall discharge from such liability the\npartner making it, and him only.\n