State Codes and Statutes

Statutes > New-york > Pep > Article-10-b > 446

§  446.  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  following the day the seller sent written  notice to the buyer informing the buyer of his right to cancel.  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 a claim by the assignee.

State Codes and Statutes

Statutes > New-york > Pep > Article-10-b > 446

§  446.  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  following the day the seller sent written  notice to the buyer informing the buyer of his right to cancel.  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 a claim by the assignee.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pep > Article-10-b > 446

§  446.  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  following the day the seller sent written  notice to the buyer informing the buyer of his right to cancel.  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 a claim by the assignee.

Categories