New York's statutory procedures for collecting money judgments through forced sales of debtors' real property were revised in 1963 when the Civil Practice Law and Rules was enacted. Experience since 1963, particularly in those areas of the State where population growth has generated housing shortages, indicates that the new procedures have created a situation which is unfair both to debtors and to legitimate creditors.
Because the CPLR draftsmen believed that the procedural requirements in the old Civil Practice Act unduly hampered the judgment creditor, the revisions embodied in the CPLR are designed to facilitate the collection of judgments. The new procedures are less complicated and more efficient, and the debtor protective devices contained in the old act have been eliminated. The judgment creditor is no longer required to exhaust his debtor's personal property (e.g., bank accounts and automobiles) before taking action against his real property, and the judgment debtor whose real property is sold is no longer permitted to redeem his property after a sale.
"Enforcement of Money Judgments Against Real Property in New York,"
Hofstra Law Review: Vol. 1
, Article 15.
Available at: http://scholarlycommons.law.hofstra.edu/hlr/vol1/iss1/15