Legislation
SECTION 5253
Cost of living adjustment for personal and real property exempt from application to the satisfaction of money judgments and exemptions in...
Civil Practice Law & Rules (CVP) CHAPTER 8, ARTICLE 52
§ 5253. Cost of living adjustment for personal and real property
exempt from application to the satisfaction of money judgments and
exemptions in bankruptcy. (a) Beginning on April first, two thousand
twelve, and at each three-year interval ending on April first
thereafter, the dollar amount of the exemption provided in sections
fifty-two hundred five and fifty-two hundred six of this article and
sections two hundred eighty-two and two hundred eighty-three of the
debtor and creditor law shall be adjusted as provided in subdivision (b)
of this section.
(b) The superintendent of financial services shall determine the
amount of the adjustment based on the change in the consumer price index
for all urban consumers, New York-Northern New Jersey-Long Island,
NY-NJ-CT-PA, published by the U.S. department of labor, bureau of labor
statistics, for the most recent three-year period ending on December
thirty-first preceding the adjustment, with each adjusted amount rounded
to the nearest twenty-five dollars.
(c) Beginning on April first, two thousand twelve, and at each
three-year interval ending on April first thereafter, the superintendent
of financial services shall publish the current dollar amount of the
applicable exemption provided in this article, together with the date of
the next scheduled adjustment. The publication shall be substantially in
the form set forth below:
"Current dollar amount of exemption from application to the
satisfaction of money judgments under New York civil practice law and
rules sections 5205 and 5206 and exemptions in bankruptcy under debtor
and creditor law sections 282 and 283:
The following is the current dollar amount of exemptions from the
satisfaction of money judgments under civil practice law and rules
sections 5205 and 5206 and under debtor and creditor law sections 282
and 283:
(amount)
This amount is effective on April 1, (year) and shall not apply to
cases commenced before April 1, (year). The next adjustment is scheduled
for April 1, (year). Such adjustments shall not apply with respect to
restraining notices served or executions effected before the date of the
adjustment. Nothing in this section limits the judgment debtor's
exemption rights in this section or under any other law."
exempt from application to the satisfaction of money judgments and
exemptions in bankruptcy. (a) Beginning on April first, two thousand
twelve, and at each three-year interval ending on April first
thereafter, the dollar amount of the exemption provided in sections
fifty-two hundred five and fifty-two hundred six of this article and
sections two hundred eighty-two and two hundred eighty-three of the
debtor and creditor law shall be adjusted as provided in subdivision (b)
of this section.
(b) The superintendent of financial services shall determine the
amount of the adjustment based on the change in the consumer price index
for all urban consumers, New York-Northern New Jersey-Long Island,
NY-NJ-CT-PA, published by the U.S. department of labor, bureau of labor
statistics, for the most recent three-year period ending on December
thirty-first preceding the adjustment, with each adjusted amount rounded
to the nearest twenty-five dollars.
(c) Beginning on April first, two thousand twelve, and at each
three-year interval ending on April first thereafter, the superintendent
of financial services shall publish the current dollar amount of the
applicable exemption provided in this article, together with the date of
the next scheduled adjustment. The publication shall be substantially in
the form set forth below:
"Current dollar amount of exemption from application to the
satisfaction of money judgments under New York civil practice law and
rules sections 5205 and 5206 and exemptions in bankruptcy under debtor
and creditor law sections 282 and 283:
The following is the current dollar amount of exemptions from the
satisfaction of money judgments under civil practice law and rules
sections 5205 and 5206 and under debtor and creditor law sections 282
and 283:
(amount)
This amount is effective on April 1, (year) and shall not apply to
cases commenced before April 1, (year). The next adjustment is scheduled
for April 1, (year). Such adjustments shall not apply with respect to
restraining notices served or executions effected before the date of the
adjustment. Nothing in this section limits the judgment debtor's
exemption rights in this section or under any other law."