N.Y. Vehicle & Traffic Law § 2120: Assignment by lienholder

§ 2120. Assignment by lienholder. (a) A lienholder may assign,

absolutely or otherwise, his security interest in the vehicle to a

person other than the owner without affecting the interest of the owner

or the validity of the security interest, but any person without notice

of the assignment is protected in dealing with the lienholder as the

holder of the security interest and the lienholder remains liable for

any obligations as lienholder until the assignee is named as lienholder

on the certificate.

(b) The assignee may, but need not to perfect the assignment, have the

certificate of title endorsed or issued with the assignee named as

lienholder, upon delivering to the commissioner an assignment by the

lienholder named in the certificate in the form the commissioner

prescribes. Upon the request of the assignee the commissioner shall

request the owner to deliver to the commissioner the certificate of

title.