N.Y. General Business Law § 551: Negotiable notes given for a speculative consideration

§ 551. Negotiable notes given for a speculative consideration.

Notwithstanding article three of the uniform commercial code, a

negotiable promissory note, the consideration of which consists in whole

or in part of the purchase price of any farm product, at a price greater

by at least four times than the fair market value of the same product at

the time in the locality, or of the membership and rights in an

association, company or combination to produce or sell any farm product

at a fictitious rate, or of a contract or bond to purchase or sell any

farm product at a price greater by four times than the market value of

the same product at the time in the locality, must contain the words

"given for a speculative consideration" or other words clearly showing

the nature of the consideration, prominently and legibly written or

printed on the face of such note above the signature thereof; and such

note, in the hands of any purchaser or holder, is subject to the same

defenses as in the hands of the original owner or holder.