New York § 56 - 56Limitation on refunds under commercial installment sales agreements
Full text of New York New York Consolidated Laws § 56 — 56Limitation on refunds under commercial installment sales agreements, with citation guidance and answers to common questions.
§ 56. 56Limitation on refunds under commercial installment sales agreements
§ 56. Limitation on refunds under commercial installment sales agreements. An agreement for the sale of equipment, machinery or the accessories or parts thereto to a commercial or business enterprise for its use or for the purpose of resale which provides for the financing of such purchase by an installment sale provision shall provide that any refund due as a result of an early termination of the agreement shall be determined according to a generally accepted actuarial method.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 56
What does New York Consolidated Laws § 56 cover?
Section 56 ("56Limitation on refunds under commercial installment sales agreements") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 56?
A common citation format is "New York Consolidated Laws § 56" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 56 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.