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Assembly Bill A588

2015-2016 Legislative Session

Relates to a bankruptcy exemption for rent regulated tenancies

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Archive: Last Bill Status - In Assembly Committee

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2015-A588 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Debtor and Creditor Law
Laws Affected:
Amd §282, D & C L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9952
2013-2014: A853
2017-2018: A3576

2015-A588 (ACTIVE) - Summary

Relates to a bankruptcy exemption for rent regulated tenancies.

2015-A588 (ACTIVE) - Bill Text download pdf 

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

                                   588

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by M. of A. ROSENTHAL, GOTTFRIED, BRENNAN, SEPULVEDA, RODRI-
  GUEZ -- Multi-Sponsored by -- M. of A. MAYER, PERRY, RUSSELL  --  read
  once and referred to the Committee on Judiciary

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  DEBTOR  FOR  A
RENT REGULATED UNIT, REGULATED UNDER THE RENT STABILIZATION LAW OF NINE-
TEEN 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  THOUSAND  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.
                                                           LBD04066-01-5

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