§ 5253 — Cost of living adjustment for personal and real property exempt from application to the satisfaction of money judgments and exemptions in...

New York § 5253

• Jurisdiction: New York
• Law CVP: Civil Practice Law & Rules
• Art. 52: Enforcement of Money Judgments

Text

§ 5253. Cost of living adjustment for personal and real property\nexempt from application to the satisfaction of money judgments and\nexemptions in bankruptcy. (a) Beginning on April first, two thousand\ntwelve, and at each three-year interval ending on April first\nthereafter, the dollar amount of the exemption provided in sections\nfifty-two hundred five and fifty-two hundred six of this article and\nsections two hundred eighty-two and two hundred eighty-three of the\ndebtor and creditor law shall be adjusted as provided in subdivision (b)\nof this section.\n (b) The superintendent of financial services shall determine the\namount of the adjustment based on the change in the consumer price index\nfor all urban consumers, New York-Northern New Jersey-Long Island,\nNY-NJ-CT-PA, published by the U.S. department of labor, bureau of labor\nstatistics, for the most recent three-year period ending on December\nthirty-first preceding the adjustment, with each adjusted amount rounded\nto the nearest twenty-five dollars.\n (c) Beginning on April first, two thousand twelve, and at each\nthree-year interval ending on April first thereafter, the superintendent\nof financial services shall publish the current dollar amount of the\napplicable exemption provided in this article, together with the date of\nthe next scheduled adjustment. The publication shall be substantially in\nthe form set forth below:\n "Current dollar amount of exemption from application to the\nsatisfaction of money judgments under New York civil practice law and\nrules sections 5205 and 5206 and exemptions in bankruptcy under debtor\nand creditor law sections 282 and 283:\n The following is the current dollar amount of exemptions from the\nsatisfaction of money judgments under civil practice law and rules\nsections 5205 and 5206 and under debtor and creditor law sections 282\nand 283:\n (amount)\n This amount is effective on April 1, (year) and shall not apply to\ncases commenced before April 1, (year). The next adjustment is scheduled\nfor April 1, (year). Such adjustments shall not apply with respect to\nrestraining notices served or executions effected before the date of the\nadjustment. Nothing in this section limits the judgment debtor's\nexemption rights in this section or under any other law."\n