Legislation
SECTION 1007
Assignability; liens
Financial Services Law (FIS) CHAPTER 18-A, ARTICLE 10
* § 1007. Assignability; liens. (a) The contingent right to receive an
amount of the potential proceeds of a legal claim is assignable by a
consumer and/or litigation funding company.
(b) Only attorney's liens related to the legal claim which is the
subject of the litigation funding contract or Medicare or other
statutory liens related to the legal claim shall take priority over any
lien of the litigation funding company. All other liens shall take
priority by normal operation of law.
* NB Effective June 17, 2026
amount of the potential proceeds of a legal claim is assignable by a
consumer and/or litigation funding company.
(b) Only attorney's liens related to the legal claim which is the
subject of the litigation funding contract or Medicare or other
statutory liens related to the legal claim shall take priority over any
lien of the litigation funding company. All other liens shall take
priority by normal operation of law.
* NB Effective June 17, 2026