A00853 Summary:

SAME ASNo same as
COSPNSRGottfried, Brennan, Sepulveda, Rodriguez
MLTSPNSRMayer, Perry, Russell
Amd S282, D & C L
Relates to a bankruptcy exemption for rent regulated tenancies.
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A00853 Actions:

01/09/2013referred to judiciary
12/23/2013amend (t) and recommit to judiciary
12/23/2013print number 853a
01/08/2014referred to judiciary
01/27/2014amend and recommit to judiciary
01/27/2014print number 853b
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A00853 Text:

                STATE OF NEW YORK
                               2013-2014 Regular Sessions
                   IN ASSEMBLY
                                     January 9, 2013
          GUEZ -- Multi-Sponsored by -- M. of A. MAYER, RUSSELL -- read once and
          referred to the Committee on Judiciary -- committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-

          tee -- recommitted to the Committee on Judiciary  in  accordance  with
          Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered
          reprinted as amended and recommitted to said committee
        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:
     1    Section  1.  Section  282 of the debtor and creditor law is amended by
     2  adding a new subdivision 4 to read as follows:
     3    4. Bankruptcy exemption for rent  regulated  tenancies.  The  debtor's
     4  interest,  not  exceeding one hundred fifty thousand dollars, in a resi-
     5  dential rent regulated tenancy, held and occupied by the  debtor  for  a

     6  rent regulated unit, regulated under the rent stabilization law of nine-
     7  teen hundred sixty-nine, the emergency tenant protection act of nineteen
     8  seventy-four, the emergency housing rent control law, the limited-profit
     9  housing  companies  act  or  the  city  rent and rehabilitation law. The
    10  exemption of an interest in a rent regulated tenancy is not void because
    11  the value of the property exceeds one hundred  fifty  thousand  dollars,
    12  but  the proceeds from the assumption and assignment of such an interest
    13  shall only be available for distribution to creditors by the trustee  to
    14  the  extent  those  proceeds  exceed one hundred fifty thousand dollars.
    15  Debtors filing a joint bankruptcy  may  aggregate  their  exemptions  to

    16  exempt  the  first  three  hundred thousand dollars of proceeds from any
    17  trustee action against a rent regulated tenancy.
    18    § 2. This act shall take effect immediately and  shall  apply  to  the
    19  satisfaction of judgments on or after such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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