Reply by PAW on 4/12/11 8:12pm
Msg #379560
No and yes. According to the Stewart Underwriters Manual:
Inchoate right of Dower, Curtesy. These rights were abolished in New York, prospectively, by statute effective September 1, 1930 (Laws of 1929, Ch. 229; Real Property Law §189 as to curtesy, and §190 as to dower).
Community property rights. New York is not a community property state. However, since September 1, 1981, with the adoption of the New York Uniform Disposition of Community Property Rights at Death Act (L. 1981, Ch., 187, EPTL §6-6.1 ff.), New York provides a mechanism for distribution of community property of persons who move to New York after having resided in and acquiring property in a state recognizing community property rights. The potential effect on real property located in New York is where the property was purchased with “rents, issues, or income of, the proceeds from, or in exchange for, property acquired as, or which became, and remained, community property under the laws of another jurisdiction, or property traceable to that community property.” Parties who sell their home in California or another community property state, and purchase a home in New York with the proceeds, may invoke community property rights as to the New York property.
The homestead exemption in New York, which may be applied in lieu of federal bankruptcy exemptions, and which does apply to the enforcement of money judgments in New York (except a money judgment for the purchase price of the property, or a tax sale), is $10,000 over and above liens and encumbrances, except where the judgment is for a debt contracted before August 22, 1977, in which case the exemption is $2,000.00.
The homestead exemption can be claimed for a lot of land with a dwelling thereon, shares of stock in a cooperative apartment corporation, units of a condominium apartment, or a mobile home.
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