assembly Bill A3576

2017-2018 Legislative Session

Relates to a bankruptcy exemption for rent regulated tenancies

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to judiciary
Jan 27, 2017 referred to judiciary

Co-Sponsors

Multi-Sponsors

A3576 (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
2015-2016: A588

A3576 (ACTIVE) - Summary

Relates to a bankruptcy exemption for rent regulated tenancies.

A3576 (ACTIVE) - Bill Text download pdf 


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

                                  3576

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2017
                               ___________

Introduced  by  M.  of  A. ROSENTHAL, GOTTFRIED, SEPULVEDA, RODRIGUEZ --
  Multi-Sponsored by -- M. of A. JENNE, MAYER, PERRY --  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.
  § 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.
                                                           LBD05435-01-7