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Levying Rents Pursuant to Monetary Judgment
New York's law on levies of rents pursuant to money judgment is most peculiar. The obligation of a tenant (T) to pay rent runs with the land. Let us call the forward-looking obligation of a tenant to pay rent a “rent receivable.” New York law insists that the rent receivable is real property.
Once the rent receivable is actually paid, the proceeds are considered the landlord's personal property. Collection of the rent “severs” the dollars from the real property.
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