Assembly Bill A10770

2011-2012 Legislative Session

Exempts certain accounts established by not-for-profit corporations from application to the satisfaction of money judgments for bankruptcy purposes

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A10770 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd §5205, CP L
Versions Introduced in Other Legislative Sessions:
2013-2014: A847
2015-2016: A850
2017-2018: A4378
2019-2020: A996
2021-2022: A1817
2023-2024: A307

2011-A10770 (ACTIVE) - Summary

Exempts retirement accounts established by not-for-profit corporations from application to the satisfaction of money judgments for bankruptcy purposes.

2011-A10770 (ACTIVE) - Bill Text download pdf 

                            
                    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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