46-C - Formal requisites of assignments of less than one thousand dollars and of assignments securing certain guarantees amounting to fifteen hundred dollars - New York Statutes

§ 46-c. Formal requisites of assignments of less than one thousand dollars and of assignments securing certain guarantees amounting to fifteen hundred dollars or less. No assignment of future earnings, securing or relating to any indebtedness aggregating less than one thousand dollars, shall be valid for any purpose whatsoever unless: (a) such assignment shall be contained in a separate written instrument in which all printed matter is in at least eight point type and which shall have written or printed thereon in a size equal to at least ten point bold type the following title: "Assignment of Wages, Salary, Commissions or other Compensation for Services," and shall have written or printed at the bottom thereof just above the place reserved for the signature of the assignor in a size equal to at least ten point bold type the following: "This is an Assignment of Wages, Salary, Commissions or Other Compensation for Services"; (b) such assignment shall, either in its text or in a writing permanently attached thereto, identify specifically and describe fully the transaction to which it relates, said description to include the name and address of the assignee, the identity of the merchandise sold or services rendered or other basis of the indebtedness secured by, or consideration given for the assignment, and the date on and place at which payments are to be made; and on the face or back of the instrument there shall be a summary of sections forty-six-c, forty-six-e, forty-six-f, forty-seven-e, forty-eight, forty-eight-a, forty-eight-b, forty-eight-c and forty-nine of the personal property law; (c) such assignment, if given as security, is security only for the transaction or series of transactions identified specifically and described therein, or a renewal thereof, and no other valid and legally enforceable assignment exists in connection with the same transaction or series of transactions; provided, however, that nothing in this paragraph shall invalidate an assignment securing a guarantee of the payment of the purchase price of goods, wares or merchandise amounting to fifteen hundred dollars or less sold for a use other than a commercial or business use, notwithstanding the fact that such assignment secures subsequent transactions in addition to that originally secured, where the liability of the guarantor is limited to a period of two years from the date of the assignment, and where the assignment sets forth the maximum amount for which the guarantor shall be liable; provided further that no assignment of future earnings shall be valid with respect to any transaction or series of transactions for the purchase of goods, wares or merchandise for a price of fifteen hundred dollars or less sold for a use other than a commercial or business use, when such assignment is executed by a guarantor or by one of two or more purchasers, unless such goods are purchased for the common use of the assignor and the purchaser or co-purchaser.