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This entry was published on 2014-09-22
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SECTION 49
Certain provisions not applicable to banks, trust companies or credit unions
Personal Property (PEP) CHAPTER 41, ARTICLE 3-A
§ 49. Certain provisions not applicable to banks, trust companies or
credit unions. 1. The provisions of section forty-seven of this article
shall not be applicable to any bank, trust company or credit union doing
business in the state of New York.

2. The provisions of section forty-eight of this article in so far as
they require any delay by an assignee, before filing with the employer,
shall not apply to assignments given either as security for or as a
manner or method of the repayment of money actually advanced to or at
the request of the assignor by any bank, trust company or credit union
doing business in the state of New York; provided, however, that every
such assignment must have printed on the face thereof the following
words: "This assignment is executed as security for, or as a manner or
method of the repayment of, money advanced by a bank, trust company or
credit union doing business in New York." No assignment, however,
received by any bank, trust company or credit union pursuant to any
agreement between it and a person who has sold merchandise or furnished
services to, or at the request of, the assignor, shall be deemed to have
been given as security for, or as a manner or method of repayment of,
money actually advanced to, or at the request of, the assignor within
the meaning of this section.