N.Y. Debtor & Creditor Law § 78

§ 78. Effect of assignment. The assignment vests in the trustee or\ntrustees all the petitioner's interest, legal or equitable, at the time\nof its execution, in any real or personal property, not exempt by law\nfrom levy and sale by virtue of an execution; and any contingent\ninterest which may vest within three years thereafter. When a contingent\ninterest so vests, it passes to the trustee, in the same manner as it\nwould have vested in the petitioner, if he had not made an assignment.\n