(a) Any corporation, including a municipal corporation or public benefit corporation,
partnership, or association, which has its principal office in the state of New York
and an assignee of any commercial claim may institute an action or proceeding under
(b) No person or co-partnership, engaged directly or indirectly in the business of
collection and adjustment of claims, and no corporation or association, directly or
indirectly, itself or by or through its officers, agents or employees, shall solicit,
buy or take an assignment of, or be in any manner interested in buying or taking an
assignment of a bond, promissory note, bill of exchange, book debt, or other thing
in action, or any claim or demand, with the intent and for the purpose of bringing
an action or proceeding thereon under this article.
(c) A corporation, partnership or association, which institutes an action or proceeding
under this article shall be limited to five such actions or proceedings per calendar
month. Such corporation, partnership or association shall complete and file with the clerk
the required certification, provided it is true and verified as to its truthfulness,
as a prerequisite to the institution of an action or proceeding in this part of the
(d) A corporation may appear as a party in any action brought pursuant to this article
by an attorney as well as by any authorized officer, director or employee of the corporation
provided that the appearance by a non-lawyer on behalf of a corporation shall be deemed
to constitute the requisite authority to bind the corporation in a settlement or trial. The court or arbitrator may make reasonable inquiry to determine the authority of
any person who appears for the corporation in a commercial claims part case.
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