N.Y. U.C.C. 9-318

Section 9--318. No Interest Retained in Right to Payment That Is Sold;\n Rights and Title of Seller of Account or Chattel Paper\n with Respect to Creditors and Purchasers.\n (a) Seller retains no interest. A debtor that has sold an account,\nchattel paper, payment intangible, or promissory note does not retain a\nlegal or equitable interest in the collateral sold.\n (b) Deemed rights of debtor if buyer's security interest unperfected.\nFor purposes of determining the rights of creditors of, and purchasers\nfor value of an account or chattel paper from, a debtor that has sold an\naccount or chattel paper, while the buyer's security interest is\nunperfected, the debtor is deemed to have rights and title to the\naccount or chattel paper identical to those the debtor sold.\n