Assembly Bill A850

2015-2016 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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2015-A850 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd ยง5205, CPLR
Versions Introduced in Other Legislative Sessions:
2011-2012: A10770
2013-2014: A847
2017-2018: A4378
2019-2020: A996
2021-2022: A1817
2023-2024: A307

2015-A850 (ACTIVE) - Summary

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

2015-A850 (ACTIVE) - Bill Text download pdf

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

                                   850

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             January 7, 2015
                               ___________

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 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.
  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
              

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