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Judgments and Enforcement:
A money judgment obtained in the State of New York is generally enforceable for a period of twenty (20) years. (Chptr. 8, Art. 2, Sec. 211, New York State Consolidated Laws.) It may be enforced against any property which could be assigned or transferred, whether it consists of a present or future right or interest and whether or not it is vested, unless it is exempt from application to the satisfaction of the judgment. A money judgment entered upon a joint liability of two or more persons may be enforced against individual property of those persons summoned and joint property of such persons with any other persons against whom the judgment is entered. (Chptr. 8, Art 52, Sec. 5201, New York State Consolidated Laws.) In general, ninety per cent (90%) of the earnings of the judgment debtor for his personal services rendered within sixty days before, and at any time after, an income execution is delivered to the sheriff, is exempt from execution of a money judgment. (Chptr. 8 Art. 52, Sec. 5205(d), New York State Consolidated Laws.)
A money judgment generally may become a lien against the real property of a judgment debtor either from the time of the docketing of the judgment with the clerk of the county in which the property is located until ten years after filing of the judgment-roll, or from the time of the filing with such clerk of a notice of levy pursuant to an execution until the execution is returned. (Chptr. 8 Art. 52, Sec. 5203, New York State Consolidated Laws.)
The State of New York permits Confession of Judgment. A debtor may execute an affidavit stating the sum for which judgment may be entered, authorizing the entry, and stating the county where he resides, or if he is a non-resident, the county in which the judgment may be entered. The judgment may be docketed and enforced in the same manner and with the same effect as a judgment in an action in the supreme court. No judgment by confession may be entered after the defendant's death. (Chptr. 8, Art. 32, Sec. 3218, New York State Consolidated Laws.)
Foreign Judgments:
Any judgment, decree, or order of a court of the United States or of any other court is entitled to full faith and credit in the State of New York. A judgment creditor may seek enforcement of a foreign judgment by filing an authenticated copy of the foreign state judgment, issued within 90 days of the date of authentication in the office of any county clerk of the state, together with an affidavit stating that the judgment was not obtained by default in appearance or by confession of judgment, that it is unsatisfied in whole or in part, the amount remaining unpaid, and that its enforcement has not been stayed, and setting forth the name and last known address of the judgment debtor. Within thirty days after filing of the judgment and the affidavit, the judgment creditor shall mail notice of filing of the foreign judgment to the judgment debtor at his last known address. The proceeds of an execution shall not be distributed to the judgment creditor earlier than thirty days after filing of proof of service. (Chptr. 8, Art. 54, Sec. 5401, et seq., New York State Consolidated Laws.)
A judgment so filed has the same effect and is subject to the same procedures, defenses and proceedings for reopening, vacating, or staying as a judgment of the supreme court of the State of New York and may be enforced or satisfied in like manner. (Chptr. 8 Art. 54, Sec. 5402(b), New York State Consolidated Laws.)
Interest:
- Legal rate: Six per cent (6%) per annum (Chptr. 24-A, Art. 5, Sec. 5-501, New York State Consolidated Laws.)
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- Judgment Rate: Nine per centum (9%) per annum, except where otherwise
- provided by statute. (Chptr. 8, Art. 50, Sec. 5004, New York State Consolidated Laws.)
Exemption:
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
Under Chptr. 8, Art. 52, Sec. 5206 of the New York State Consolidated Laws, property of one of the following types, not exceeding ten 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.
Some of the personal property exemption which may be claimed by a debtor may include all stoves kept for use in the judgment debtor's dwelling house and necessary fuel therefor for sixty days; one sewing machine with its appurtenances; the family bible, family pictures, and school books used by the judgment debtor or in the family; and other books, not exceeding fifty dollars in value, kept and used as part of the family or judgment debtor's library; a seat or pew occupied by the judgment debtor or the family in a place of public worship; domestic animals with the necessary food for those animals for sixty days, provided that the total value of such animals and food does not exceed four hundred fifty dollars; all necessary food actually provided for the use of the judgment debtor or his family for sixty days; all wearing apparel, household furniture, one mechanical, gas or electric refrigerator, one radio receiver, one television set, crockery, tableware and cooking utensils necessary for the judgment debtor and the family; a wedding ring; a watch not exceeding thirty-five dollars in value; and necessary working tools and implements, including those of a mechanic, farm machinery, team, professional instruments, furniture and library, not exceeding six hundred dollars in value, together with the necessary food for the team for sixty days, provided, however, that the articles specified in this paragraph are necessary to the carrying on of the judgment debtor's profession or calling. In addition, a judgment debtor may also be entitled to exemption, to the extent allowed under the statute, certain portions of income, trust, security deposits, insurance policy, New York state college choice tuition savings program trust funds, award in a matrimonial action, and retirement plan funds. (Chptr. 8, Art. 52, Sec. 5205, New York Consolidated Laws.)
In accordance with the provisions of 11 U.S.C. Sec. 522(b), debtors domiciled in the State of New York are not authorized to exempt from the estate property that is specified under subsection (d) of such section. (Chptr. 12, Art. 10-A, Sec. 284, New York State Consolidated Laws.)
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