EIPA

News & Analysis as of

Exemption Amount under New York State Law for Statutorily Exempt Payments in Deposit Accounts Increases to $2,750

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for statutorily exempt payments made...more

New York High Court Shields Banks from Certain Direct Actions by Debtors

On November 21, 2013, the New York Court of Appeals, in response to a certified question from the U.S. Circuit Court of Appeals for the Second Circuit, ended the long-running debate over whether a separate, private plenary...more

New York Appeals Court Shields Banks From Suits Over Frozen Customer Accounts

Recently, the New York Court of Appeals, in answering questions , held that no private right of action exists for judgment debtors to seek money damages and injunctive relief against banks that allegedly violate New York’s...more

Wage Exemption Amount For Restraining Notices And Levies Under New York State Law To Increase To $1,920 As Of December 31, 2013

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with...more

Second Circuit Revives Class Action Over Frozen Bank Accounts

On March 27, the U.S. Court of Appeals for the Second Circuit certified questions to New York’s highest court related to its review of a district court’s holding in two cases that New York’s Exempt Income Protection Act...more

Doing Business in Canada: Outsourcing

Most Canadian industries employ a broad range of third party service structures to ensure that certain operations and business processes are performed more efficiently and effectively than customers are able (or even know...more

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