N.Y. Uniform Commercial Code Law § 9-514: Assignment of Powers of Secured Party of Record

Section 9--514. Assignment of Powers of Secured Party of Record.

(a) Assignment reflected on initial financing statement. Except as

otherwise provided in subsection (c), an initial financing statement may

reflect an assignment of all of the secured party's power to authorize

an amendment to the financing statement by providing the name and

mailing address of the assignee as the name and address of the secured

party.

(b) Assignment of filed financing statement. Except as otherwise

provided in subsection (c), a secured party of record may assign of

record all or part of its power to authorize an amendment to a financing

statement by filing in the filing office an amendment of the financing

statement which:

(1) identifies, by its file number, the initial financing

statement to which it relates;

(2) provides the name of the assignor; and

(3) provides the name and mailing address of the assignee.

(c) Assignment of record of mortgage. An assignment of record of a

security interest in a fixture covered by a record of a mortgage which

is effective as a financing statement filed as a fixture filing under

Section 9--502(c) may be made only by an assignment of record of the

mortgage in the manner provided by law of this state other than this

chapter.