Section 489. Purchase of claims by corporations or collection agencies

1.
  No person or co-partnership,  engaged  directly  or  indirectly  in  the
  business  of  collection and adjustment of claims, and no corporation or
  association, directly  or  indirectly,  itself  or  by  or  through  its
  officers,  agents or employees, shall solicit, buy or take an assignment
  of, or be in any manner interested in buying or taking an assignment  of
  a  bond, promissory note, bill of exchange, book debt, or other thing in
  action, or any claim or demand, with the intent and for the  purpose  of
  bringing  an  action or proceeding thereon; provided however, that bills
  receivable, notes receivable, bills  of  exchange,  judgments  or  other
  things  in action may be solicited, bought, or assignment thereof taken,
  from any executor, administrator, assignee for the benefit of creditors,
  trustee or receiver in bankruptcy, or any other  person  or  persons  in
  charge  of  the  administration, settlement or compromise of any estate,
  through  court  actions,  proceedings  or  otherwise.   Nothing   herein
  contained  shall  affect any assignment heretofore or hereafter taken by
  any moneyed corporation authorized to do business in the  state  of  New
  York  or  its  nominee  pursuant to a subrogation agreement or a salvage
  operation, or by any corporation organized for religious, benevolent  or
  charitable  purposes.  Any  corporation  or  association  violating  the
  provisions of this section shall be liable to a fine of  not  more  than
  five  thousand  dollars;  any  person  or  co-partnership, violating the
  provisions of this section, and any officer, trustee, director, agent or
  employee of  any  person,  co-partnership,  corporation  or  association
  violating  this  section who, directly or indirectly, engages or assists
  in such violation, is guilty of a misdemeanor.
    2. Except as set forth in  subdivision  three  of  this  section,  the
  provisions  of  subdivision  one  of this section shall not apply to any
  assignment, purchase or transfer hereafter made of one  or  more  bonds,
  promissory  notes,  bills  of  exchange,  book debts, or other things in
  action, or any claims  or  demands,  if  such  assignment,  purchase  or
  transfer included bonds, promissory notes, bills of exchange and/or book
  debts, issued by or enforceable against the same obligor (whether or not
  also  issued  by  or  enforceable against any other obligors), having an
  aggregate purchase price of at least five hundred thousand  dollars,  in
  which  event  the  exemption provided by this subdivision shall apply as
  well to all other items, including other things in  action,  claims  and
  demands,  included in such assignment, purchase or transfer (but only if
  such other items are issued by or enforceable against the same  obligor,
  or  relate  to or arise in connection with such bonds, promissory notes,
  bills of exchange and/or book debts or the issuance thereof).
    3. The rights of an indenture trustee, its agents and employees  shall
  not be affected by the provisions of subdivision two of this section.