Statute · New York Financial Services Law
N.Y. Fin. Serv. Law § 1007 — Assignability; liens
N.Y. Fin. Serv. Law § 1007
- Type
- Statute
- Source
- New York Financial Services Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 1007. Assignability; liens. (a) The contingent right to receive an amount of the potential proceeds of a legal claim is assignable by a consumer and/or litigation funding company.
Citator
N.Y. Fin. Serv. Law § 1007 — Assignability; liens is in force in the current edition of the Code, and nothing recorded condemns it.
§ 1007. Assignability; liens. (a) The contingent right to receive an amount of the potential proceeds of a legal claim is assignable by a consumer and/or litigation funding company.
(b) Only attorney's liens related to the legal claim which is the subject of the litigation funding contract or Medicare or other statutory liens related to the legal claim shall take priority over any lien of the litigation funding company. All other liens shall take priority by normal operation of law.