N.Y. Pers. Prop. Law § 431

§ 431. Restriction on assignment of obligation. 1. A seller shall not\nnegotiate, transfer, sell or assign any note or other evidence of\nindebtedness to a finance company or other third party prior to midnight\nof the fifth business day, or in the case of a contract for door-to-door\nsale of a personal emergency response service, prior to midnight of the\nninth business day, following the day the contract was signed or the\ngoods or services were purchased.\n 2. The assignee of any note or evidence of indebtedness shall be\nsubject to all claims and defenses of the buyer against the seller\narising from the sale notwithstanding any agreement to the contrary, but\nthe assignee's liability under this subdivision shall not exceed the\namount owing to the assignee at the time the claim or defense is\nasserted against the assignee. Rights of the buyer under this section\ncan be asserted affirmatively against or as a matter of defense to or\nset-off against a claim by the assignee.\n