§ 283. Aggregate individual bankruptcy exemption for certain annuities
and personal property. 1. General application. The aggregate amount the
debtor may exempt from the property of the estate for personal property
exempt from application to the satisfaction of a money judgment under
subdivision (a) of section fifty-two hundred five of the civil practice
law and rules and for benefits, rights, privileges, and options of
annuity contracts described in the following sentence shall not exceed
ten thousand dollars. Annuity contracts subject to the foregoing
limitation are those that are: (a) initially purchased by the debtor
within six months of the debtor's filing a petition in bankruptcy, (b)
not described in any paragraph of section eight hundred five (d) of the
Internal Revenue Code of nineteen hundred fifty-four, and (c) not
purchased by application of proceeds under settlement options of annuity
contracts purchased more than six months before the debtor's filing a
petition in bankruptcy or under settlement options of life insurance
policies.

2. Contingent alternative bankruptcy exemption. Notwithstanding
section two hundred eighty-two of this article, a debtor, who (a) does
not elect, claim, or otherwise avail himself of an exemption described
in section fifty-two hundred six of the civil practice law and rules;
(b) utilizes to the fullest extent permitted by law as applied to said
debtor's property, the exemptions referred to in subdivision one of this
section which are subject to the ten thousand dollar aggregate limit;
and (c) does not reach such aggregate limit, may exempt cash in the
amount by which ten thousand dollars exceeds the aggregate of his or her
exemptions referred to in subdivision one of this section or in the
amount of five thousand dollars, whichever amount is less. For purposes
of this subdivision, cash means currency of the United States at face
value, savings bonds of the United States at face value, the right to
receive a refund of federal, state and local income taxes, and deposit
accounts in any state or federally chartered depository institution.