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Assembly Bill A847A

2013-2014 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2013-A847 - Details

Current Committee:
Assembly Judiciary
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd §5205, CPLR
Versions Introduced in Other Legislative Sessions:
2011-2012: A10770
2015-2016: A850
2017-2018: A4378
2019-2020: A996
2021-2022: A1817
2023-2024: A307
2025-2026: A737

2013-A847 - Summary

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

2013-A847 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   847

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  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)

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05210-01-3

2013-A847A (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd §5205, CPLR
Versions Introduced in Other Legislative Sessions:
2011-2012: A10770
2015-2016: A850
2017-2018: A4378
2019-2020: A996
2021-2022: A1817
2023-2024: A307
2025-2026: A737

2013-A847A (ACTIVE) - Summary

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

2013-A847A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 847--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
  Committee on Judiciary -- committee discharged, bill amended,  ordered
  reprinted as amended and recommitted to said committee

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 OTHER ORGANIZATION, which is quali-
fied under section 401 OR 403 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  individual  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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