Section 411. Terms of purchase by financing agency

Notwithstanding any
  contrary provision of the personal property law, lien law,  banking  law
  or other law:
    1.  A  financing  agency  may  purchase  a retail instalment contract,
  obligation or credit agreement, or indebtedness of a buyer  to  be  paid
  under a credit agreement, from a seller on such terms and conditions and
  for such price as may be mutually agreed upon; and
    2.  No filing of the assignment, no filing of any financing statement,
  no notice to the buyer of the assignment, and no  requirement  that  the
  seller  be  deprived  of  dominion  over  payments  upon  the  contract,
  obligation or credit agreement or over the goods if  repossessed  by  or
  returned  to the seller, shall be necessary to the validity of a written
  assignment  of  a  contract,  obligation   or   credit   agreement,   or
  indebtedness  to be paid under a credit agreement, as against creditors,
  subsequent purchasers, pledgees,  mortgagees  or  encumbrancers  of  the
  seller.