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S00290 Summary:

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S00290 Committee Votes:

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S00290 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           290
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                       (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:
 
     1    Section  1.  Subdivision  2  of section 282 of the debtor and creditor
     2  law, as amended by chapter 206 of the laws of 1998, is amended  to  read
     3  as follows:
     4    2.  Bankruptcy  exemption  for right to receive benefits. The debtor's
     5  right to receive or the debtor's interest  in:  (a)  a  social  security
     6  benefit, unemployment compensation or a local public assistance benefit;
     7  (b)  a  veterans'  benefit;  (c)  a disability, illness, or unemployment
     8  benefit; (d) alimony, support, or separate maintenance,  to  the  extent
     9  reasonably  necessary for the support of the debtor and any dependent of
    10  the debtor; [and] (e) the debtor's interest in his  or  her  rent-stabi-
    11  lized  lease;  and (f) all payments under a stock bonus, pension, profit
    12  sharing, or similar plan or contract on account of illness,  disability,
    13  death,  age,  or  length  of  service  unless (i) such plan or contract,
    14  except those qualified under section 401, 408  or  408A  of  the  United
    15  States Internal Revenue Code of 1986, as amended, was established by the
    16  debtor  or  under the auspices of an insider that employed the debtor at
    17  the time the debtor's rights under such plan  or  contract  arose,  (ii)
    18  such plan is on account of age or length of service, and (iii) such plan
    19  or  contract  does  not qualify under section four hundred one (a), four
    20  hundred three (a), four hundred three  (b),  four  hundred  eight,  four
    21  hundred  eight  A,  four hundred nine or four hundred fifty-seven of the
    22  Internal Revenue Code of nineteen hundred eighty-six, as amended.
    23    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02332-01-1