Senate Bill S6007A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6007--A
     Cal. No. 143
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 27, 2023
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary  --  recommitted
   to the Committee on Judiciary in accordance with Senate Rule 6, sec. 8
   -- reported favorably from said committee, ordered to first and second
   report,  amended  on second report, ordered to a third reading, and to
   be reprinted as amended, retaining its place in  the  order  of  third
   reading
 
 AN  ACT  to  amend  the  civil  practice  law  and rules, in relation to
   increasing the value of homesteads which are to be exempt  from  civil
   judgments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions (a), (d) and (e) of section 5206 of the  civil
 practice  law  and rules, as amended by chapter 568 of the laws of 2010,
 are amended to read as follows:
   (a) Exemption of homestead. Property of one of  the  following  types,
 not  exceeding [one] TWO hundred fifty thousand dollars for the counties
 of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk,  Rockland,
 Westchester and Putnam; one hundred twenty-five thousand dollars for the
 counties of Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; and
 seventy-five thousand dollars for the remaining counties of the state in
 value  above  liens  and encumbrances, owned and occupied as a principal
 residence, is exempt from application to the  satisfaction  of  a  money
 judgment,  unless  the  judgment  was  recovered wholly for the purchase
 price thereof:
   1. a lot of land with a dwelling thereon,
   2. shares of stock in a cooperative apartment corporation,
   3. units of a condominium apartment, or
   4. a mobile home.
   But no exempt homestead shall be exempt from taxation or from sale for
 non-payment of taxes or assessments.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04632-02-4
 S. 6007--A                          2
 
   (d) Exemption of homestead exceeding [one] TWO hundred fifty  thousand
 dollars  in  value  for  the counties of Kings, Queens, New York, Bronx,
 Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; one hundred
 twenty-five thousand dollars  for  the  counties  of  Dutchess,  Albany,
 Columbia, Orange, Saratoga and Ulster; and seventy-five thousand dollars
 for the remaining counties of the state. The exemption of a homestead is
 not  void  because  the  value of the property exceeds [one] TWO hundred
 fifty thousand dollars for the counties  of  Kings,  Queens,  New  York,
 Bronx,  Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; one
 hundred twenty-five thousand dollars for the counties of Dutchess, Alba-
 ny, Columbia, Orange, Saratoga and  Ulster;  and  seventy-five  thousand
 dollars  for the remaining counties of the state but the lien of a judg-
 ment attaches to the surplus.
   (e) Sale of homestead  exceeding  [one]  TWO  hundred  fifty  thousand
 dollars  for  the  counties of Kings, Queens, New York, Bronx, Richmond,
 Nassau, Suffolk, Rockland, Westchester and Putnam; one  hundred  twenty-
 five  thousand  dollars  for the counties of Dutchess, Albany, Columbia,
 Orange, Saratoga and Ulster; and seventy-five thousand dollars  for  the
 remaining  counties  of  the  state  in  value.  A judgment creditor may
 commence a special proceeding in the county in which  the  homestead  is
 located  against  the  judgment  debtor  for  the  sale, by a sheriff or
 receiver, of a homestead exceeding  [one]  TWO  hundred  fifty  thousand
 dollars  for  the  counties of Kings, Queens, New York, Bronx, Richmond,
 Nassau, Suffolk, Rockland, Westchester and Putnam; one  hundred  twenty-
 five  thousand  dollars  for the counties of Dutchess, Albany, Columbia,
 Orange, Saratoga and Ulster; and seventy-five thousand dollars  for  the
 remaining  counties of the state in value. The court may direct that the
 notice of petition be served upon any other person.  The  court,  if  it
 directs  such a sale, shall so marshal the proceeds of the sale that the
 right and interest of each person in the proceeds  shall  correspond  as
 nearly  as may be to his right and interest in the property sold. Money,
 not exceeding [one] TWO hundred fifty thousand dollars for the  counties
 of  Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland,
 Westchester and Putnam; one hundred twenty-five thousand dollars for the
 counties of Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; and
 seventy-five thousand dollars for the remaining counties of  the  state,
 paid to a judgment debtor, as representing his interest in the proceeds,
 is  exempt for one year after the payment, unless, before the expiration
 of the year, he  acquires  an  exempt  homestead,  in  which  case,  the
 exemption  ceases  with  respect  to  so  much  of  the money as was not
 expended for the purchase of that property; and  the  exemption  of  the
 property  so  acquired  extends to every debt against which the property
 sold was exempt. Where the exemption of property sold as  prescribed  in
 this  subdivision  has been continued after the judgment debtor's death,
 or where he dies after the sale and before payment to him of his portion
 of the proceeds of the sale, the court may direct that  portion  of  the
 proceeds  which  represents  his interest be invested for the benefit of
 the person or persons entitled to the benefit of the  exemption,  or  be
 otherwise disposed of as justice requires.
   § 2. This act shall take effect immediately.