N.Y. Debtor & Creditor Law § 78: Effect of assignment

§ 78. Effect of assignment. The assignment vests in the trustee or

trustees all the petitioner's interest, legal or equitable, at the time

of its execution, in any real or personal property, not exempt by law

from levy and sale by virtue of an execution; and any contingent

interest which may vest within three years thereafter. When a contingent

interest so vests, it passes to the trustee, in the same manner as it

would have vested in the petitioner, if he had not made an assignment.