S T A T E O F N E W Y O R K
________________________________________________________________________
10770
I N A S S E M B L Y
June 18, 2012
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Rosenthal)
-- read once and referred to the Committee on Judiciary
AN ACT to amend the civil practice law and rules, in relation to exempt-
ing certain accounts established by not-for-profit corporations from
application to the satisfaction of money judgments for bankruptcy
purposes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 2 of subdivision (c) of section 5205 of the civil
practice law and rules, as amended by chapter 141 of the laws of 2001,
is amended to read as follows:
2. For purposes of this subdivision, all trusts, custodial accounts,
annuities, insurance contracts, monies, assets or interests established
as part of, and all payments from, either any trust or plan, which is
qualified as an individual retirement account under section four hundred
eight or section four hundred eight A of the United States Internal
Revenue Code of 1986, as amended, a Keogh (HR-10), retirement or other
plan established by a corporation OR NOT-FOR-PROFIT CORPORATION, which
is qualified under section 401 OR 403(B) of the United States Internal
Revenue Code of 1986, as amended, or created as a result of rollovers
from such plans pursuant to sections 402 (a) (5), 403 (a) (4), 408 (d)
(3) or 408A of the Internal Revenue Code of 1986, as amended, or a plan
that satisfies the requirements of section 457 of the Internal Revenue
Code of 1986, as amended, shall be considered a trust which has been
created by or which has proceeded from a person other than the judgment
debtor, even though such judgment debtor is (i) in the case of an indi-
vidual retirement account plan, an individual who is the settlor of and
depositor to such account plan, or (ii) a self-employed individual, or
(iii) a partner of the entity sponsoring the Keogh (HR-10) plan, or (iv)
a shareholder of the corporation sponsoring the retirement or other plan
or (v) a participant in a section 457 plan.
S 2. This act shall take effect immediately and shall apply to the
satisfaction of judgments on or after such date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15752-01-2
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