Section 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.