N.Y. Personal Property Law § 411: Terms of purchase by financing agency

§ 411. Terms of purchase by financing agency. Notwithstanding any

contrary provision of the personal property law, lien law, banking law

or other law:

1. A financing agency may purchase a retail instalment contract,

obligation or credit agreement, or indebtedness of a buyer to be paid

under a credit agreement, from a seller on such terms and conditions and

for such price as may be mutually agreed upon; and

2. No filing of the assignment, no filing of any financing statement,

no notice to the buyer of the assignment, and no requirement that the

seller be deprived of dominion over payments upon the contract,

obligation or credit agreement or over the goods if repossessed by or

returned to the seller, shall be necessary to the validity of a written

assignment of a contract, obligation or credit agreement, or

indebtedness to be paid under a credit agreement, as against creditors,

subsequent purchasers, pledgees, mortgagees or encumbrancers of the

seller.