S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    547
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced  by M. of A. PERRY -- read once and referred to the Committee
   on Judiciary
 
 AN ACT to amend the debtor and creditor law, in relation to exempting  a
   debtor's  interest in his or her rent-stabilized lease from bankruptcy
   proceedings
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  2  of section 282 of the debtor and creditor
 law, as amended by chapter 206 of the laws of 1998, is amended  to  read
 as follows:
   2.  Bankruptcy  exemption  for right to receive benefits. The debtor's
 right to receive or the debtor's interest  in:  (a)  a  social  security
 benefit, unemployment compensation or a local public assistance benefit;
 (b)  a  veterans'  benefit;  (c)  a disability, illness, or unemployment
 benefit; (d) alimony, support, or separate maintenance,  to  the  extent
 reasonably  necessary for the support of the debtor and any dependent of
 the debtor; [and] (e) THE DEBTOR'S INTEREST IN HIS  OR  HER  RENT-STABI-
 LIZED  LEASE;  AND (F) all payments under a stock bonus, pension, profit
 sharing, or similar plan or contract on account of illness,  disability,
 death,  age,  or  length  of  service  unless (i) such plan or contract,
 except those qualified under section 401, 408  or  408A  of  the  United
 States Internal Revenue Code of 1986, as amended, was established by the
 debtor  or  under the auspices of an insider that employed the debtor at
 the time the debtor's rights under such plan  or  contract  arose,  (ii)
 such plan is on account of age or length of service, and (iii) such plan
 or  contract  does  not qualify under section four hundred one (a), four
 hundred three (a), four hundred three  (b),  four  hundred  eight,  four
 hundred  eight  A,  four hundred nine or four hundred fifty-seven of the
 Internal Revenue Code of nineteen hundred eighty-six, as amended.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06319-01-7