N.Y. Lien Law § 107
When any notice of lien shall have been filed under this article and no warrant has been issued to enforce the same, any person interested in the vessel, may apply to any justice of the supreme court for leave to discharge the lien upon giving an undertaking therefor to the lienor. The application shall be in writing, and shall state the amount of the lien claimed and the grounds of the defense thereto, and the names of the persons proposed as sureties on such undertaking, with their respective residences and places of business. Upon presenting such application with proof that a copy thereof, with at least five days' notice of the time and place of presenting the same, has been served upon the lienor, such justice may, if no just cause be shown in opposition thereto, authorize the execution of such undertaking, which shall be to the same effect as an undertaking required in this article upon the application to discharge a warrant, and an action may be brought thereon in like manner. At the time of the presentation of such application the sureties proposed in such undertaking shall justify before such justice. When such undertaking has been executed and approved by such justice and delivered to the lienor, the justice shall direct the clerk with whom the notice of lien is filed to mark the same as discharged, and it shall cease to be a lien upon such vessel.
N.Y. Lien Law § 107