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Thomas D. Kearns
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A Rent Stabilized Lease May be Sold by a Bankruptcy Trustee

Value of Tenant’s Rent Stabilized Lease is an Asset Which May Be Sold to Satisfy Creditors . . .

Bankruptcy Judge James Peck of the Southern District held recently in re: Mary Veronica Santiago-Monteverde, Debtor, 11-15494 that the value of a rent stabilized lease may be liquidated by a bankruptcy trustee. The Court disagreed with the debtor that the value was excludable under NY law as a “public assistance benefit.” The trustee plans to sell the lease to the building’s owner.

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