N.Y. Personal Property Law 411 – Terms of purchase by financing agency
§ 411. Terms of purchase by financing agency. Notwithstanding any contrary provision of the personal property law, lien law, banking law or other law:
Terms Used In N.Y. Personal Property Law 411
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
1. A financing agency may purchase a retail instalment contract, obligation or credit agreement, or indebtedness of a buyer to be paid under a credit agreement, from a seller on such terms and conditions and for such price as may be mutually agreed upon; and
2. No filing of the assignment, no filing of any financing statement, no notice to the buyer of the assignment, and no requirement that the seller be deprived of dominion over payments upon the contract, obligation or credit agreement or over the goods if repossessed by or returned to the seller, shall be necessary to the validity of a written assignment of a contract, obligation or credit agreement, or indebtedness to be paid under a credit agreement, as against creditors, subsequent purchasers, pledgees, mortgagees or encumbrancers of the seller.