S T A T E   O F   N E W   Y O R K
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                                  1588

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 13, 2015
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

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.
  (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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06844-01-5
              

S. 1588                             2

for the remaining counties of the state. The exemption of a homestead is
not void because the value of the property  exceeds  one  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  but  the  lien  of  a  judgment
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.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after August 30, 2005.