Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to judiciary |
Jan 07, 2015 |
referred to judiciary |
Assembly Bill A588
2015-2016 Legislative Session
Sponsored By
ROSENTHAL
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Richard Gottfried
James F. Brennan
Luis R. Sepúlveda
Robert J. Rodriguez
multi-Sponsors
Shelley Mayer
N. Nick Perry
Addie Jenne
2015-A588 (ACTIVE) - Details
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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