2012 New York Consolidated Laws
PEP - Personal Property
Article 3-A - (46 - 49-A) ASSIGNMENT OF EARNINGS
46-D - Guarantee of certain purchases secured by assignment of earnings.

 
    §  46-d.  Guarantee  of  certain  purchases  secured  by assignment of
  earnings.  No guarantee given to the seller to  secure  the  payment  of
  goods, wares or merchandise amounting to fifteen hundred dollars or less
  sold for any use other than a commercial or business use, the payment of
  which  is  secured  by  an assignment of future earnings, shall be valid
  unless  such  instrument  of  guarantee  identifies   specifically   and
  describes  fully  the  transaction or series of transactions secured. If
  the instrument of guarantee is given to secure  subsequent  transactions
  in addition to the transaction or series of transactions secured by such
  assignment,  the  liability  of  the  guarantor under such instrument of
  guarantee as to subsequent transactions shall be limited to transactions
  within a period of two years from the date of its execution,  and  shall
  set  forth  the  maximum amount for which the guarantor shall be liable.
  Each instrument of guarantee shall be executed  in  duplicate,  and  one
  copy shall be given to the guarantor immediately upon its execution.