Bill Text: NY S04504 | 2019-2020 | General Assembly | Amended


Bill Title: Increases the value of homesteads which are exempt from civil judgments from one hundred fifty thousand to two hundred fifty thousand dollars.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2020-03-03 - referred to codes [S04504 Detail]

Download: New_York-2019-S04504-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                         4504--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                     March 13, 2019
                                       ___________

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Judiciary  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee

        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:

     1    Section 1. Subdivisions (a), (d) and (e) of section 5206 of the  civil
     2  practice  law  and rules, as amended by chapter 568 of the laws of 2010,
     3  are amended to read as follows:
     4    (a) Exemption of homestead. Property of one of  the  following  types,
     5  not  exceeding [one] two hundred fifty thousand dollars for the counties
     6  of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk,  Rockland,
     7  Westchester and Putnam; one hundred twenty-five thousand dollars for the
     8  counties of Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; and
     9  seventy-five thousand dollars for the remaining counties of the state in
    10  value  above  liens  and encumbrances, owned and occupied as a principal
    11  residence, is exempt from application to the  satisfaction  of  a  money
    12  judgment,  unless  the  judgment  was  recovered wholly for the purchase
    13  price thereof:
    14    1. a lot of land with a dwelling thereon,
    15    2. shares of stock in a cooperative apartment corporation,
    16    3. units of a condominium apartment, or
    17    4. a mobile home.
    18    But no exempt homestead shall be exempt from taxation or from sale for
    19  non-payment of taxes or assessments.
    20    (d) Exemption of homestead exceeding [one] two hundred fifty  thousand
    21  dollars  in  value  for  the counties of Kings, Queens, New York, Bronx,
    22  Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; one hundred

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05964-02-9

        S. 4504--A                          2

     1  twenty-five thousand dollars  for  the  counties  of  Dutchess,  Albany,
     2  Columbia, Orange, Saratoga and Ulster; and seventy-five thousand dollars
     3  for the remaining counties of the state. The exemption of a homestead is
     4  not  void  because  the  value of the property exceeds one hundred fifty
     5  thousand dollars for the counties of Kings,  Queens,  New  York,  Bronx,
     6  Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; one hundred
     7  twenty-five  thousand  dollars  for  the  counties  of Dutchess, Albany,
     8  Columbia, Orange, Saratoga and Ulster; and seventy-five thousand dollars
     9  for the remaining counties of the state  but  the  lien  of  a  judgment
    10  attaches to the surplus.
    11    (e)  Sale  of  homestead  exceeding  [one]  two hundred fifty thousand
    12  dollars for the counties of Kings, Queens, New  York,  Bronx,  Richmond,
    13  Nassau,  Suffolk,  Rockland, Westchester and Putnam; one hundred twenty-
    14  five thousand dollars for the counties of  Dutchess,  Albany,  Columbia,
    15  Orange,  Saratoga  and Ulster; and seventy-five thousand dollars for the
    16  remaining counties of the  state  in  value.  A  judgment  creditor  may
    17  commence  a  special  proceeding in the county in which the homestead is
    18  located against the judgment debtor  for  the  sale,  by  a  sheriff  or
    19  receiver,  of  a  homestead  exceeding  [one] two hundred fifty thousand
    20  dollars for the counties of Kings, Queens, New  York,  Bronx,  Richmond,
    21  Nassau,  Suffolk,  Rockland, Westchester and Putnam; one hundred twenty-
    22  five thousand dollars for the counties of  Dutchess,  Albany,  Columbia,
    23  Orange,  Saratoga  and Ulster; and seventy-five thousand dollars for the
    24  remaining counties of the state in value. The court may direct that  the
    25  notice  of  petition  be  served upon any other person. The court, if it
    26  directs such a sale, shall so marshal the proceeds of the sale that  the
    27  right  and  interest  of each person in the proceeds shall correspond as
    28  nearly as may be to his right and interest in the property sold.  Money,
    29  not  exceeding [one] two hundred fifty thousand dollars for the counties
    30  of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk,  Rockland,
    31  Westchester and Putnam; one hundred twenty-five thousand dollars for the
    32  counties of Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; and
    33  seventy-five  thousand  dollars for the remaining counties of the state,
    34  paid to a judgment debtor, as representing his interest in the proceeds,
    35  is exempt for one year after the payment, unless, before the  expiration
    36  of  the  year,  he  acquires  an  exempt  homestead,  in which case, the
    37  exemption ceases with respect to  so  much  of  the  money  as  was  not
    38  expended  for  the  purchase  of that property; and the exemption of the
    39  property so acquired extends to every debt against  which  the  property
    40  sold  was  exempt. Where the exemption of property sold as prescribed in
    41  this subdivision has been continued after the judgment  debtor's  death,
    42  or where he dies after the sale and before payment to him of his portion
    43  of  the  proceeds  of the sale, the court may direct that portion of the
    44  proceeds which represents his interest be invested for  the  benefit  of
    45  the  person  or  persons entitled to the benefit of the exemption, or be
    46  otherwise disposed of as justice requires.
    47    § 2. This act shall take effect immediately.
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