New York § 128 - 128Filing of instruments assigning or pledging awards

§ 128. 128Filing of instruments assigning or pledging awards

§ 128. Filing of instruments assigning or pledging awards. In the case of the pledge, sale, transfer or assignment of an award by the person entitled to receive the same by virtue of the final decree of the court in a condemnation proceeding, or by other order of the court, the instrument evidencing such pledge, sale, transfer or assignment, acknowledged or proved as instruments are required to be acknowledged or proved for the recording of instruments affecting real property, shall be filed in the office of the secretary of the authority, who shall endorse on such instrument its number and the hour, day, month and year of its receipt. If such final decree or other order was obtained by the municipality on behalf of or for the benefit of the authority, a duplicate original of such instrument must also be filed in accordance with the provisions of any general, special or local law applicable to awards payable by such municipality. If an assignment of an award shall be contained in an instrument recorded in the office in which instruments affecting real property are by law required to be recorded, a certified copy thereof may be filed in the office of the secretary of the authority in place of the original. An alphabetical index shall be kept under the name of the pledgor or assignor and of the pledgee or assignee, stating the title of the proceeding, the time of the filing of the instrument, the file number thereof, and what part of the award is assigned thereby. A memorandum of the file number of the instrument shall be made by the secretary of the authority on the duplicate decree of a court, opposite the place where the amount of the award so assigned is set forth. Every such instrument not so filed shall be void as against any subsequent pledgee or assignee in good faith and for a valuable consideration from the same pledgor or assignor, his heirs, administrators or assigns, of the same award or any portion thereof, the assignment of which is first duly filed in the office of the secretary of the authority. Payment to the assignee or pledgee shown to be entitled to the award by such record in the office of the secretary of the authority shall protect the authority from liability to any other person or persons.