S T A T E O F N E W Y O R K
________________________________________________________________________
6350
2015-2016 Regular Sessions
I N A S S E M B L Y
March 20, 2015
___________
Introduced by M. of A. PERRY -- read once and referred to the Committee
on Judiciary
AN ACT to amend the debtor and creditor law, in relation to exempting a
debtor's interest in his or her rent-stabilized lease from bankruptcy
proceedings
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 2 of section 282 of the debtor and creditor
law, as amended by chapter 206 of the laws of 1998, is amended to read
as follows:
2. Bankruptcy exemption for right to receive benefits. The debtor's
right to receive or the debtor's interest in: (a) a social security
benefit, unemployment compensation or a local public assistance benefit;
(b) a veterans' benefit; (c) a disability, illness, or unemployment
benefit; (d) alimony, support, or separate maintenance, to the extent
reasonably necessary for the support of the debtor and any dependent of
the debtor; [and] (e) THE DEBTOR'S INTEREST IN HIS OR HER RENT-STABI-
LIZED LEASE; AND (F) all payments under a stock bonus, pension, profit
sharing, or similar plan or contract on account of illness, disability,
death, age, or length of service unless (i) such plan or contract,
except those qualified under section 401, 408 or 408A of the United
States Internal Revenue Code of 1986, as amended, was established by the
debtor or under the auspices of an insider that employed the debtor at
the time the debtor's rights under such plan or contract arose, (ii)
such plan is on account of age or length of service, and (iii) such plan
or contract does not qualify under section four hundred one (a), four
hundred three (a), four hundred three (b), four hundred eight, four
hundred eight A, four hundred nine or four hundred fifty-seven of the
Internal Revenue Code of nineteen hundred eighty-six, as amended.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08809-01-5