Section 431 - Restriction on assignment of obligation1. 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.N.Y. Pers. Prop. Law § 431