§ 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.