Senate Bill S290

Signed By Governor
2021-2022 Legislative Session

Exempts a debtor's interest in his or her rent-stabilized lease from bankruptcy proceedings

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • 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

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2021-S290 (ACTIVE) - Details

See Assembly Version of this Bill:
A113
Law Section:
Debtor and Creditor Law
Laws Affected:
Amd §282, D & C L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6350
2017-2018: A547
2019-2020: S3137, A44

2021-S290 (ACTIVE) - Summary

Exempts a debtor's interest in his or her rent-stabilized lease from bankruptcy proceedings.

2021-S290 (ACTIVE) - Sponsor Memo

2021-S290 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    290
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sens.  MYRIE, SALAZAR -- read twice and ordered printed,
   and when printed to be committed 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

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