2023 New York Laws › PEP - Personal Property › Article 3-A - Assignment of Earnings › 46-C - Formal Requisites of Assignments of Less Than One Thousand Dollars and of Assignments Securing Certain Guarantees Amounting to Fifteen Hundred Dollars

§  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.