Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 04, 2023 | referred to judiciary |
Current Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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A307 (ACTIVE) - Details
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