Assembly Bill A307

2023-2024 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

Sponsored By

Current 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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2023-A307 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd §5205, CPLR
Versions Introduced in 2023-2024 Legislative Session:
A307

2023-A307 (ACTIVE) - Summary

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

2023-A307 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    307
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 4, 2023
                                ___________
 
 Introduced  by  M.  of  A. L. 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 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
 the corporation sponsoring the retirement or other plan or (v) a partic-
 ipant in a section 457 plan.
   §  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

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