N.Y. Pers. Prop. Law § 446
Restriction on assignment of obligation
Redline — January 1, 2015 → current.View current text →
Current — January 1, 2016
As of January 1, 2015
§ 446. 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 following the day the seller sent written\nnotice to the buyer informing the buyer of his right to cancel. 2. The\nassignee of any note or evidence of indebtedness shall be subject to all\nclaims and defenses of the buyer against the seller arising from the\nsale notwithstanding any agreement to the contrary, but the assignee's\nliability under this subdivision shall not exceed the amount owing to\nthe assignee at the time the claim or defense is asserted against the\nassignee. Rights of the buyer under this section can be asserted\naffirmatively against a claim by the assignee.\n
§ 446. 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 following the day the seller sent written\nnotice to the buyer informing the buyer of his right to cancel.\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 a claim by the assignee.\n
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.