State Codes and Statutes

Statutes > New-york > Pep > Article-10-a > 431

§  431. Restriction on assignment of obligation. 1. A seller shall not  negotiate, transfer, sell or  assign  any  note  or  other  evidence  of  indebtedness to a finance company or other third party prior to midnight  of the fifth business day, or in the case of a contract for door-to-door  sale  of a personal emergency response service, prior to midnight of the  ninth business day, following the day the contract  was  signed  or  the  goods or services were purchased.    2.  The  assignee  of  any  note  or evidence of indebtedness shall be  subject to all claims and defenses  of  the  buyer  against  the  seller  arising from the sale notwithstanding any agreement to the contrary, but  the  assignee's  liability  under  this subdivision shall not exceed the  amount owing to the assignee  at  the  time  the  claim  or  defense  is  asserted  against  the assignee.  Rights of the buyer under this section  can be asserted affirmatively against or as a matter of  defense  to  or  set-off against a claim by the assignee.

State Codes and Statutes

Statutes > New-york > Pep > Article-10-a > 431

§  431. Restriction on assignment of obligation. 1. A seller shall not  negotiate, transfer, sell or  assign  any  note  or  other  evidence  of  indebtedness to a finance company or other third party prior to midnight  of the fifth business day, or in the case of a contract for door-to-door  sale  of a personal emergency response service, prior to midnight of the  ninth business day, following the day the contract  was  signed  or  the  goods or services were purchased.    2.  The  assignee  of  any  note  or evidence of indebtedness shall be  subject to all claims and defenses  of  the  buyer  against  the  seller  arising from the sale notwithstanding any agreement to the contrary, but  the  assignee's  liability  under  this subdivision shall not exceed the  amount owing to the assignee  at  the  time  the  claim  or  defense  is  asserted  against  the assignee.  Rights of the buyer under this section  can be asserted affirmatively against or as a matter of  defense  to  or  set-off against a claim by the assignee.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pep > Article-10-a > 431

§  431. Restriction on assignment of obligation. 1. A seller shall not  negotiate, transfer, sell or  assign  any  note  or  other  evidence  of  indebtedness to a finance company or other third party prior to midnight  of the fifth business day, or in the case of a contract for door-to-door  sale  of a personal emergency response service, prior to midnight of the  ninth business day, following the day the contract  was  signed  or  the  goods or services were purchased.    2.  The  assignee  of  any  note  or evidence of indebtedness shall be  subject to all claims and defenses  of  the  buyer  against  the  seller  arising from the sale notwithstanding any agreement to the contrary, but  the  assignee's  liability  under  this subdivision shall not exceed the  amount owing to the assignee  at  the  time  the  claim  or  defense  is  asserted  against  the assignee.  Rights of the buyer under this section  can be asserted affirmatively against or as a matter of  defense  to  or  set-off against a claim by the assignee.