Assembly Actions -
Senate Actions - UPPERCASE
|Mar 07, 2023||
referred to judiciary
Assembly Bill A5290
2023-2024 Legislative Session
Current Bill Status - In Assembly Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-A5290 (ACTIVE) - Details
2023-A5290 (ACTIVE) - Summary
Relates to the purchase of claims by corporations or collection agencies; relates to the inference of an assignee's intent and purpose in taking an assignment of a claim against an obligor that is not an eligible obligor; provides that instruments governed by New York law calling for payment of a monetary obligation by a foreign state impose a duty on the holder to participate in a qualified restructuring of such instruments.
2023-A5290 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5290 2023-2024 Regular Sessions I N A S S E M B L Y March 7, 2023 ___________ Introduced by M. of A. GONZALEZ-ROJAS, DAVILA -- read once and referred to the Committee on Judiciary AN ACT to amend the judiciary law, in relation to the purchase of claims by corporations or collection agencies and to certain instruments calling for payment of a monetary obligation by a foreign state THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 489 of the judiciary law, as added by chapter 394 of the laws of 2004, is amended to read as follows: 2. Except as set forth in subdivision three of this section, the provisions of subdivision one of this section shall not apply to any assignment, purchase or transfer hereafter made of one or more bonds, promissory notes, bills of exchange, book debts, or other things in action, or any claims or demands, if such assignment, purchase or trans- fer included bonds, promissory notes, bills of exchange and/or book debts, issued by or enforceable against the same ELIGIBLE obligor (whether or not also issued by or enforceable against any other ELIGIBLE obligors), having an aggregate purchase price of at least five hundred thousand dollars, in which event the exemption provided by this subdivi- sion shall apply as well to all other items, including other things in action, claims and demands, included in such assignment, purchase or transfer (but only if such other items are issued by or enforceable against the same ELIGIBLE obligor, or relate to or arise in connection with such bonds, promissory notes, bills of exchange and/or book debts or the issuance thereof). FOR THE PURPOSES OF THIS SUBDIVISION, THE TERM "ELIGIBLE OBLIGOR" MEANS AN OBLIGOR THAT QUALIFIES AS A "DEBTOR" WITHIN THE MEANING OF TITLE 11 OF THE UNITED STATES CODE (THE UNITED STATES BANKRUPTCY CODE). § 2. Section 489 of the judiciary law is amended by adding a new subdivision 4 to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08948-01-3 A. 5290 2
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