§ 431. Restriction on assignment of obligation. 1. A seller shall not
negotiate, transfer, sell or assign any note or other evidence of
indebtedness to a finance company or other third party prior to midnight
of the fifth business day, or in the case of a contract for door-to-door
sale of a personal emergency response service, prior to midnight of the
ninth business day, following the day the contract was signed or the
goods or services were purchased.

2. The assignee of any note or evidence of indebtedness shall be
subject to all claims and defenses of the buyer against the seller
arising from the sale notwithstanding any agreement to the contrary, but
the assignee's liability under this subdivision shall not exceed the
amount owing to the assignee at the time the claim or defense is
asserted against the assignee. Rights of the buyer under this section
can be asserted affirmatively against or as a matter of defense to or
set-off against a claim by the assignee.