N.Y. PEP Law § 46-C — New York Code / Act PEP / Article 3-A / Section 46-C
Formal requisites of assignments of less than one thousand dollars and of assignments securing certain guarantees amounting to fifteen hu...
Status: in_force

§ 46-c. Formal requisites of assignments of less than one thousand\ndollars and of assignments securing certain guarantees amounting to\nfifteen hundred dollars or less. No assignment of future earnings,\nsecuring or relating to any indebtedness aggregating less than one\nthousand dollars, shall be valid for any purpose whatsoever unless:\n  (a) such assignment shall be contained in a separate written\ninstrument in which all printed matter is in at least eight point type\nand which shall have written or printed thereon in a size equal to at\nleast ten point bold type the following title: "Assignment of Wages,\nSalary, Commissions or other Compensation for Services," and shall have\nwritten or printed at the bottom thereof just above the place reserved\nfor the signature of the assignor in a size equal to at least ten point\nbold type the following: "This is an Assignment of Wages, Salary,\nCommissions or Other Compensation for Services";\n  (b) such assignment shall, either in its text or in a writing\npermanently attached thereto, identify specifically and describe fully\nthe transaction to which it relates, said description to include the\nname and address of the assignee, the identity of the merchandise sold\nor services rendered or other basis of the indebtedness secured by, or\nconsideration given for the assignment, and the date on and place at\nwhich payments are to be made; and on the face or back of the instrument\nthere shall be a summary of sections forty-six-c, forty-six-e,\nforty-six-f, forty-seven-e, forty-eight, forty-eight-a, forty-eight-b,\nforty-eight-c and forty-nine of the personal property law;\n  (c) such assignment, if given as security, is security only for the\ntransaction or series of transactions identified specifically and\ndescribed therein, or a renewal thereof, and no other valid and legally\nenforceable assignment exists in connection with the same transaction or\nseries of transactions; provided, however, that nothing in this\nparagraph shall invalidate an assignment securing a guarantee of the\npayment of the purchase price of goods, wares or merchandise amounting\nto fifteen hundred dollars or less sold for a use other than a\ncommercial or business use, notwithstanding the fact that such\nassignment secures subsequent transactions in addition to that\noriginally secured, where the liability of the guarantor is limited to a\nperiod of two years from the date of the assignment, and where the\nassignment sets forth the maximum amount for which the guarantor shall\nbe liable; provided further that no assignment of future earnings shall\nbe valid with respect to any transaction or series of transactions for\nthe purchase of goods, wares or merchandise for a price of fifteen\nhundred dollars or less sold for a use other than a commercial or\nbusiness use, when such assignment is executed by a guarantor or by one\nof two or more purchasers, unless such goods are purchased for the\ncommon use of the assignor and the purchaser or co-purchaser.\n