Assembly Bill A853B

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   853

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
  Committee on Judiciary

AN ACT to amend the civil practice law and rules, in relation to provid-
  ing for the exemption of rent  regulated  apartment  leases  from  the
  satisfaction of a money judgment

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraphs 8 and 9 of subdivision (a) of  section  5205  of
the civil practice law and rules, paragraph 8 as amended by chapter 1 of
the  laws of 2011 and paragraph 9 as added by chapter 568 of the laws of
2010, are amended to read as follows:
  8. one motor vehicle not exceeding  four  thousand  dollars  in  value
above  liens  and  encumbrances  of the debtor; if such vehicle has been
equipped for use by a disabled debtor,  then  ten  thousand  dollars  in
value  above  liens  and  encumbrances of the debtor; provided, however,
that this exemption for one motor vehicle shall not apply  if  the  debt
enforced  is for child support, spousal support, maintenance, alimony or
equitable distribution, or if the state of New York or any of its  agen-
cies or any municipal corporation is the judgment creditor; [and]
  9.  A LEASE NOT EXCEEDING ONE HUNDRED FIFTY THOUSAND DOLLARS IN VALUE,
HELD AND OCCUPIED BY THE JUDGMENT DEBTOR OR FAMILY FOR A RENT  REGULATED
UNIT,  REGULATED  UNDER  THE  RENT STABILIZATION LAW OF NINETEEN HUNDRED
SIXTY-NINE,  THE   EMERGENCY   TENANT   PROTECTION   ACT   OF   NINETEEN
SEVENTY-FOUR, THE EMERGENCY HOUSING RENT CONTROL LAW, THE LIMITED-PROFIT
HOUSING COMPANIES ACT OR THE CITY RENT AND REHABILITATION LAW; AND
  10. if no homestead exemption is claimed, then one thousand dollars in
personal property, bank account or cash.
  S  2.  This  act  shall take effect immediately and shall apply to the
satisfaction of judgments on or after such date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05202-01-3
              

                            
                    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:

  Section  1.  Section  282 of the debtor and creditor law is amended by
adding a new subdivision 4 to read as follows:
  4. BANKRUPTCY EXEMPTION FOR RENT  REGULATED  TENANCIES.  THE  DEBTOR'S
INTEREST,  NOT  EXCEEDING ONE HUNDRED FIFTY THOUSAND DOLLARS, IN A RESI-
DENTIAL RENT REGULATED TENANCY, HELD AND OCCUPIED BY THE JUDGMENT DEBTOR
FOR A RENT REGULATED UNIT, REGULATED UNDER THE RENT STABILIZATION LAW OF
NINETEEN HUNDRED SIXTY-NINE, THE  EMERGENCY  TENANT  PROTECTION  ACT  OF
NINETEEN  SEVENTY-FOUR,  THE  EMERGENCY  HOUSING  RENT  CONTROL LAW, THE
LIMITED-PROFIT HOUSING COMPANIES ACT OR THE CITY RENT AND REHABILITATION
LAW. THE EXEMPTION OF AN INTEREST IN A RENT  REGULATED  TENANCY  IS  NOT
VOID  BECAUSE  THE VALUE OF THE PROPERTY EXCEEDS ONE HUNDRED FIFTY THOU-
SAND DOLLARS, BUT THE PROCEEDS FROM THE  ASSUMPTION  AND  ASSIGNMENT  OF
SUCH  AN  INTEREST SHALL ONLY BE AVAILABLE FOR DISTRIBUTION TO CREDITORS
BY THE TRUSTEE TO THE EXTENT THOSE PROCEEDS  EXCEED  ONE  HUNDRED  FIFTY
THOUSAND  DOLLARS. DEBTORS FILING A JOINT BANKRUPTCY MAY AGGREGATE THEIR
EXEMPTIONS TO  EXEMPT  THE  FIRST  THREE  HUNDRED  THOUSAND  DOLLARS  OF
PROCEEDS FROM ANY TRUSTEE ACTION AGAINST A RENT REGULATED TENANCY.
  S  2.  This  act  shall take effect immediately and shall apply to the
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