N.Y. General Obligations Law § 13-105: Effect of transfer of claim or demand

§ 13-105. Effect of transfer of claim or demand. Where a claim or

demand can be transferred, the transfer thereof passes an interest,

which the transferee may enforce by an action or special proceeding, or

interpose as a defense or counter-claim, in his own name, as the

transferrer might have done; subject to any defense or counter-claim,

existing against the transferrer, before notice of the transfer, or

against the transferee. But this section does not apply, where the

rights or liabilities of a party to a claim or demand, which is

transferred, are regulated by special provision of law; nor does it vary

the rights or liabilities of a party to a negotiable instrument, which

is transferred.