NY Lien L § 15 (2021)
2021 New York Laws LIE - Lien Article 2 - Mechanics' Liens 15 - Assignments of Contracts and Orders to Be Filed.

§  15.  Assignments  of  contracts  and  orders  to  be  filed.  1. No   assignment of one or more contracts for the performance of labor or  the   furnishing  of  materials for the improvement of real property or of the   money or any part thereof due or to become due therefor,  nor  an  order   drawn  by  a  contractor  upon  the  owner of such real property for the   payment of such money, nor an order drawn  by  a  subcontractor  upon  a   contractor  or  subcontractor for such payment, nor an order drawn by an   owner upon the maker of a building loan, nor an assignment of moneys due   or to grow due under a building loan contract, shall operate  to  reduce   the  lien of a subcontractor, laborer or materialman, except as provided   in sections thirteen and twenty-six of this chapter; nor shall any  such   assignment  or  order  be  valid  for  any  purpose, unless a "Notice of   Assignment" meeting the requirements of subdivision two of this  section   or  the  contract  (other  than a building loan contract) or a statement   containing the substance thereof and such assignment or a copy  of  each   or a copy of such order, be filed within ten days after the date of such   assignment  or  such  order,  in  the office of the county clerk of each   county wherein real property improved or to be  improved  to  which  the   assignment  or  order  relates  is situated and such assignment or order   shall have effect and be enforceable from the time of such  filing,  and   no such assignment or order shall have any validity until the same shall   have  been so filed, and every such assignment or order, not filed shall   be absolutely void as against a subsequent assignee in  good  faith  and   for  valuable  consideration,  whose  assignment  or order is first duly   filed. Such clerk shall enter the facts relating to such  assignment  or   order  in  the "lien docket" or in another book provided by him for such   purpose. Each such assignment shall  be  indexed  by  the  name  of  the   assignor and each such order shall be indexed by the name of the drawer.2.  A "Notice of Assignment" filed pursuant to subdivision one of this   section shall be used only in the  case  of  money  advanced  or  to  be   advanced  to a contractor or subcontractor upon the assignment of one or   more contracts for  the  performance  of  labor  or  the  furnishing  of   materials  for  the improvement of real property, or of the money or any   part thereof due or to  become  due  therefor.  The  said  notice  shall   contain  (a)  the  names and addresses of the assignor and assignee, (b)   the date of the assignment, and the date the assignment will  terminate,   which  termination  date shall not be more than two years after the date   of the assignment, (c) the maximum balance of advances outstanding to be   secured by the assignment, (d) a statement of each  county  wherein  the   real  property  involved in the contracts is or may be situated, and (e)   either a specific description  of  the  substance  of  the  contract  or   contracts  assigned,  including  an  identification of the real property   involved in each such contract,  or  a  statement  that  the  assignment   covers  all  or a specified class of the assignor's accounts or contract   rights. If the contract or contracts assigned are described specifically   the real property identification shall be sufficient if it includes  the   name  of  the record owner and the location of the real estate by street   and number and town or city or, if the real estate is in the city of New   York, by county, except that if the real estate is in the  city  of  New   York  or  counties  of  Nassau  or  Onondaga,  where the block system of   recording or registering and indexing conveyances is in use, the  notice   must also specify the block in which the real estate is situated.3.  A  "Notice  of  Assignment"  may be continued in effect beyond the   stated termination date  by  filing  within  sixty  days  prior  to  the   termination  date  a  subsequent "Notice of Assignment" entitled "Second   Notice of Assignment" or "Third Notice of Assignment", which  identifies   the  prior  "Notice  of  Assignment"  to  which it relates and otherwise   conforms to the requirements of subdivision two of this section. 4. The term "Notice of Assignment" as used in  this  section  includes   any  amendments  but  if  any  amendment extends the assignment to cover   additional contracts it is effective as to the added contracts only from   the date of the filing.