§ 411 — Terms of purchase by financing agency

§ 411. Terms of purchase by financing agency. Notwithstanding any\ncontrary provision of the personal property law, lien law, banking law\nor other law:\n 1. A financing agency may purchase a retail instalment contract,\nobligation or credit agreement, or indebtedness of a buyer to be paid\nunder a credit agreement, from a seller on such terms and conditions and\nfor such price as may be mutually agreed upon; and\n 2. No filing of the assignment, no filing of any financing statement,\nno notice to the buyer of the assignment, and no requirement that the\nseller be deprived of dominion over payments upon the contract,\nobligation or credit agreement or over the goods if repossessed by or\nreturned to the seller, shall be necessary to the validity of a written\nassignment of a contract, obligation or credit agreement, or\nindebtedness to be paid under a credit agreement, as against creditors,\nsubsequent purchasers, pledgees, mortgagees or encumbrancers of the\nseller.\n