Bill Text: NY A00853 | 2013-2014 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to a bankruptcy exemption for rent regulated tenancies.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2014-01-27 - print number 853b [A00853 Detail]

Download: New_York-2013-A00853-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        853--A
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by M. of A. ROSENTHAL, GOTTFRIED, BRENNAN, SEPULVEDA, RODRI-
         GUEZ -- Multi-Sponsored by -- M. of A. MAYER -- read once and referred
         to the Committee on Judiciary -- committee discharged,  bill  amended,
         ordered reprinted as amended and recommitted to said committee
       AN  ACT  to amend the debtor and creditor law, in relation to bankruptcy
         exemptions for rent regulated tenancies
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  282 of the debtor and creditor law is amended by
    2  adding a new subdivision 4 to read as follows:
    3    4. BANKRUPTCY EXEMPTION FOR RENT  REGULATED  TENANCIES.  THE  DEBTOR'S
    4  INTEREST,  NOT  EXCEEDING ONE HUNDRED FIFTY THOUSAND DOLLARS, IN A RESI-
    5  DENTIAL RENT REGULATED TENANCY, HELD AND OCCUPIED BY THE JUDGMENT DEBTOR
    6  FOR A RENT REGULATED UNIT, REGULATED UNDER THE RENT STABILIZATION LAW OF
    7  NINETEEN HUNDRED SIXTY-NINE, THE  EMERGENCY  TENANT  PROTECTION  ACT  OF
    8  NINETEEN  SEVENTY-FOUR,  THE  EMERGENCY  HOUSING  RENT  CONTROL LAW, THE
    9  LIMITED-PROFIT HOUSING COMPANIES ACT OR THE CITY RENT AND REHABILITATION
   10  LAW. THE EXEMPTION OF AN INTEREST IN A RENT  REGULATED  TENANCY  IS  NOT
   11  VOID  BECAUSE  THE VALUE OF THE PROPERTY EXCEEDS ONE HUNDRED FIFTY THOU-
   12  SAND DOLLARS, BUT THE PROCEEDS FROM THE  ASSUMPTION  AND  ASSIGNMENT  OF
   13  SUCH  AN  INTEREST SHALL ONLY BE AVAILABLE FOR DISTRIBUTION TO CREDITORS
   14  BY THE TRUSTEE TO THE EXTENT THOSE PROCEEDS  EXCEED  ONE  HUNDRED  FIFTY
   15  THOUSAND  DOLLARS. DEBTORS FILING A JOINT BANKRUPTCY MAY AGGREGATE THEIR
   16  EXEMPTIONS TO  EXEMPT  THE  FIRST  THREE  HUNDRED  THOUSAND  DOLLARS  OF
   17  PROCEEDS FROM ANY TRUSTEE ACTION AGAINST A RENT REGULATED TENANCY.
   18    S  2.  This  act  shall take effect immediately and shall apply to the
   19  satisfaction of judgments on or after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05202-03-3