N.Y. Personal Property Law § 314: Security interest in other property

§ 314. Security interest in other property. No retail instalment

contract, or any other agreement executed in connection therewith, shall

provide for the creation of a security interest in any personal or real

property, other than the motor vehicle which is the subject matter of

the retail instalment sale (or accessories therefor or special or

auxiliary equipment used in connection therewith), to secure the payment

of the time sale price under such contract or any part thereof,

provided, however, that the prohibition of this section shall not be

applicable to the taking of a mortgage or other security interest upon

or in connection with real property to secure the payment of the time

sale price of a retail installment sale, if the subject matter of the

retail installment sale is a mobile home or trailer which is to be

annexed to or situated on such real property. Any such prohibited

provision shall be void but shall not otherwise affect the validity of

such contract.