N.Y. Personal Property Law § 49: Certain provisions not applicable to banks, trust companies or credit unions

§ 49. Certain provisions not applicable to banks, trust companies or

credit unions. 1. The provisions of section forty-seven of this article

shall not be applicable to any bank, trust company or credit union doing

business in the state of New York.

2. The provisions of section forty-eight of this article in so far as

they require any delay by an assignee, before filing with the employer,

shall not apply to assignments given either as security for or as a

manner or method of the repayment of money actually advanced to or at

the request of the assignor by any bank, trust company or credit union

doing business in the state of New York; provided, however, that every

such assignment must have printed on the face thereof the following

words: "This assignment is executed as security for, or as a manner or

method of the repayment of, money advanced by a bank, trust company or

credit union doing business in New York." No assignment, however,

received by any bank, trust company or credit union pursuant to any

agreement between it and a person who has sold merchandise or furnished

services to, or at the request of, the assignor, shall be deemed to have

been given as security for, or as a manner or method of repayment of,

money actually advanced to, or at the request of, the assignor within

the meaning of this section.