2006 New York Code - Effect Of Transfer Of Claim Or Demand.

 
    § 13-105. Effect  of  transfer  of  claim  or demand. Where a claim or
  demand can be transferred, the  transfer  thereof  passes  an  interest,
  which  the transferee may enforce by an action or special proceeding, or
  interpose as a defense  or  counter-claim,  in  his  own  name,  as  the
  transferrer  might  have  done; subject to any defense or counter-claim,
  existing against the transferrer, before  notice  of  the  transfer,  or
  against  the  transferee.  But  this  section  does not apply, where the
  rights or liabilities of  a  party  to  a  claim  or  demand,  which  is
  transferred, are regulated by special provision of law; nor does it vary
  the  rights  or liabilities of a party to a negotiable instrument, which
  is transferred.