New York § 421 - 421Security interest in other property
Full text of New York New York Consolidated Laws § 421 — 421Security interest in other property, with citation guidance and answers to common questions.
§ 421. 421Security interest in other property
§ 421. Security interest in other property. Except as provided in section four hundred ten of this chapter, no retail instalment contract or obligation, or any other agreement executed in connection therewith, may provide for the creation of a security interest in any real or personal property, other than the goods which are the subject matter of the retail instalment sale, to secure the payment of the time sale price under such contract or obligation or any part thereof; provided, however, that the prohibition of this section shall not be applicable to the taking of a mortgage upon real property to secure the payment of the time sale price of a retail instalment obligation, if the transaction which gave rise to such obligation was the furnishing of goods or services for repairs, alterations or improvements upon, or in connection with buildings upon, such real property. Any such prohibited provision shall be void but shall not otherwise affect the validity of the contract or obligation.
Frequently Asked Questions About New York § 421
What does New York Consolidated Laws § 421 cover?
Section 421 ("421Security interest in other property") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 421?
A common citation format is "New York Consolidated Laws § 421" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 421 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.