STATE OF NEW YORK
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853--B
2013-2014 Regular Sessions
IN ASSEMBLY(Prefiled)
January 9, 2013
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Introduced by M. of A. ROSENTHAL, GOTTFRIED, BRENNAN, SEPULVEDA, RODRI-
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.
LBD05202-04-4
