The state's highest court has ruled that the city's precious, sparse rent-stabilized leases can not be used as assets in the case of bankruptcy, meaning the leases cannot be seized and sold to pay off creditors, the Times reports . The decision comes after a year-long legal battle between the state and rent-stabilized East Village tenant Mary Veronica Santiago Monteverde , who declared bankruptcy when she was unable to keep up with her expenses following her husband's death.
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