Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 05, 2025 |
print number 643a |
May 05, 2025 |
amend and recommit to judiciary |
Jan 08, 2025 |
referred to judiciary |
Assembly Bill A643A
2025-2026 Legislative Session
Sponsored By
GONZALEZ-ROJAS
Current 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
Bill Amendments
co-Sponsors
Maritza Davila
David Weprin
Emily Gallagher
Sarahana Shrestha
2025-A643 - Details
2025-A643 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 643 2025-2026 Regular Sessions I N A S S E M B L Y (PREFILED) January 8, 2025 ___________ Introduced by M. of A. GONZALEZ-ROJAS, DAVILA, WEPRIN, GALLAGHER, SHRES- THA, REYES, EPSTEIN, SEPTIMO, ROSENTHAL, SIMONE, SHIMSKY, LUCAS, RAGA, DE LOS SANTOS, SIMON, MEEKS, BURDICK, MAGNARELLI, KELLES, HYNDMAN, STECK, ROZIC, LEE, MITAYNES -- read once and referred to the Committee on Judiciary AN ACT to amend the judiciary law and the civil practice law and rules, 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. Legislative intent. The intended purpose of this act is to restore the champerty defense in sovereign debt lawsuits for claims greater than $500,000 with respect to suits brought by litigious holdout investors. The restoration is not intended to apply to conventional and generally cooperative investors who may occasionally choose to sue, where "conventional investors" includes investors that regularly buy and hold sovereign debt purchased in the primary market and "cooperative investors" includes distressed debt investors that regularly purchase debt at a discount in the secondary market and have a record of support- ing the consensual resolution of sovereign debt distress through serving as a member of creditor committees or by generally participating in transactions accepted by other creditors following a negotiation. § 2. 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
Maritza Davila
David Weprin
Emily Gallagher
Sarahana Shrestha
2025-A643A (ACTIVE) - Details
2025-A643A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 643--A 2025-2026 Regular Sessions I N A S S E M B L Y (PREFILED) January 8, 2025 ___________ Introduced by M. of A. GONZALEZ-ROJAS, DAVILA, WEPRIN, GALLAGHER, SHRES- THA, REYES, EPSTEIN, SEPTIMO, ROSENTHAL, SIMONE, SHIMSKY, LUCAS, RAGA, DE LOS SANTOS, SIMON, MEEKS, BURDICK, MAGNARELLI, KELLES, HYNDMAN, STECK, ROZIC, LEE, MITAYNES, HOOKS, ROMERO, VALDEZ, LEVENBERG, ALVA- REZ, JACKSON, STIRPE -- read once and referred to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the judiciary law and the civil practice law and rules, 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. Legislative intent. The intended purpose of this act is to restore the champerty defense in sovereign debt lawsuits for claims greater than $500,000 with respect to suits brought by litigious holdout investors. The restoration is not intended to apply to conventional and generally cooperative investors who may occasionally choose to sue, where "conventional investors" includes investors that regularly buy and hold sovereign debt purchased in the primary market and "cooperative investors" includes distressed debt investors that regularly purchase debt at a discount in the secondary market and have a record of support- ing the consensual resolution of sovereign debt distress through serving as a member of creditor committees or by generally participating in transactions accepted by other creditors following a negotiation. § 2. 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, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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