2006 New York Code - Real Property Exempt From Application To The Satisfaction Of Money Judgments.



 
    §  5206.  Real property exempt from application to the satisfaction of
  money judgments. (a) Exemption of homestead.  Property  of  one  of  the
  following  types,  not  exceeding  fifty thousand dollars in value above
  liens and encumbrances, owned and occupied as a principal residence,  is
  exempt  from application to the satisfaction of a money judgment, unless
  the judgment was recovered wholly for the purchase price thereof:
    1. a lot of land with a dwelling thereon,
    2. shares of stock in a cooperative apartment corporation,
    3. units of a condominium apartment, or
    4. a mobile home.
    But no exempt homestead shall be exempt from taxation or from sale for
  non-payment of taxes or assessments.
    (b) Homestead exemption after owner's death. The  homestead  exemption
  continues  after the death of the person in whose favor the property was
  exempted for the benefit of the surviving spouse and surviving  children
  until  the  majority of the youngest surviving child and until the death
  of the surviving spouse.
    (c) Suspension of occupation as  affecting  homestead.  The  homestead
  exemption ceases if the property ceases to be occupied as a residence by
  a  person  for  whose  benefit  it  may  so  continue,  except where the
  suspension of occupation is for a period not  exceeding  one  year,  and
  occurs  in  consequence  of  injury  to, or destruction of, the dwelling
  house upon the premises.
    (d) Exemption of homestead exceeding fifty thousand dollars in  value.
  The  exemption  of  a  homestead  is  not  void because the value of the
  property exceeds fifty thousand dollars  but  the  lien  of  a  judgment
  attaches to the surplus.
    (e)  Sale  of  homestead  exceeding fifty thousand dollars in value. A
  judgment creditor may commence a special proceeding  in  the  county  in
  which the homestead is located against the judgment debtor for the sale,
  by  a  sheriff  or  receiver,  of  a  homestead exceeding fifty thousand
  dollars in value. The court may direct that the notice  of  petition  be
  served  upon  any  other  person.  The court, if it directs such a sale,
  shall so marshal the proceeds of the sale that the right and interest of
  each person in the proceeds shall correspond as nearly as may be to  his
  right  and  interest  in  the  property sold. Money, not exceeding fifty
  thousand dollars,  paid  to  a  judgment  debtor,  as  representing  his
  interest  in  the  proceeds,  is  exempt for one year after the payment,
  unless, before the  expiration  of  the  year,  he  acquires  an  exempt
  homestead,  in  which case, the exemption ceases with respect to so much
  of the money as was not expended for the purchase of that property;  and
  the  exemption of the property so acquired extends to every debt against
  which the property sold was exempt. Where the exemption of property sold
  as prescribed in this subdivision has been continued after the  judgment
  debtor's  death,  or  where he dies after the sale and before payment to
  him of his portion of the proceeds of the sale,  the  court  may  direct
  that  portion  of the proceeds which represents his interest be invested
  for the benefit of the person or persons entitled to the benefit of  the
  exemption, or be otherwise disposed of as justice requires.
    (f)  Exemption  of  burying  ground.  Land,  set  apart as a family or
  private burying ground, is exempt from application to  the  satisfaction
  of a money judgment, upon the following conditions only:
    1. a portion of it must have been actually used for that purpose;
    2. it must not exceed in extent one-fourth of an acre; and
    3.  it  must not contain any building or structure, except one or more
  vaults or other places of deposit for the dead, or mortuary monuments.

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