Assembly Actions -
Senate Actions - UPPERCASE
|Mar 09, 2023||
referred to judiciary
Senate Bill S5623
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Judiciary Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S5623 (ACTIVE) - Details
2023-S5623 (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-S5623 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5623 SPONSOR: KRUEGER TITLE OF BILL: An act to amend the judiciary law, in relation to the purchase of claims by corporations or collection agencies and to certain instruments call- ing for payment of a monetary obligation by a foreign state PURPOSE OR GENERAL IDEA OF BILL: Relates to the purchase of claims by corporations or collection agen- cies. SUMMARY OF PROVISIONS: Section one of this bill amends section 489 of judiciary law to clarify what the term "eligible obligor" is and which entity qualifies as such. Section two of this bill amends section 489 of the judiciary law to prohibit the purchase of securities or other financial instruments for the sole purpose of litigation.
2023-S5623 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5623 2023-2024 Regular Sessions I N S E N A T E March 9, 2023 ___________ Introduced by Sen. KRUEGER -- read twice and ordered printed, and when printed to be committed 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 S. 5623 2
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