A00850 Summary:

BILL NOA00850
 
SAME ASNo Same As
 
SPONSORRosenthal
 
COSPNSR
 
MLTSPNSR
 
Amd S5205, CPLR
 
Exempts retirement accounts established by not-for-profit corporations from application to the satisfaction of money judgments for bankruptcy purposes.
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A00850 Actions:

BILL NOA00850
 
01/07/2015referred to judiciary
01/06/2016referred to judiciary
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A00850 Committee Votes:

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A00850 Floor Votes:

There are no votes for this bill in this legislative session.
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A00850 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           850
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     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:
 
     1    Section 1. Paragraph 2 of subdivision (c) of section 5205 of the civil
     2  practice  law  and rules, as amended by chapter 141 of the laws of 2001,
     3  is amended to read as follows:
     4    2. For purposes of this subdivision, all trusts,  custodial  accounts,
     5  annuities,  insurance contracts, monies, assets or interests established
     6  as part of, and all payments from, either any trust or  plan,  which  is
     7  qualified as an individual retirement account under section four hundred
     8  eight  or  section  four  hundred  eight A of the United States Internal
     9  Revenue Code of 1986, as amended, a Keogh (HR-10), retirement  or  other
    10  plan established by a corporation or other organization, which is quali-
    11  fied under section 401 or 403 of the United States Internal Revenue Code
    12  of 1986, as amended, or created as a result of rollovers from such plans
    13  pursuant  to  sections  402 (a) (5), 403 (a) (4), 408 (d) (3) or 408A of
    14  the Internal Revenue Code of 1986, as amended, or a plan that  satisfies
    15  the requirements of section 457 of the Internal Revenue Code of 1986, as
    16  amended,  shall be considered a trust which has been created by or which
    17  has proceeded from a person other than the judgment debtor, even  though
    18  such  judgment  debtor  is  (i)  in the case of an individual retirement
    19  account plan, an individual who is the settlor of and depositor to  such
    20  account  plan, or (ii) a self-employed individual, or (iii) a partner of
    21  the entity sponsoring the Keogh (HR-10) plan, or (iv) a  shareholder  of
    22  the corporation sponsoring the retirement or other plan or (v) a partic-
    23  ipant in a section 457 plan.
    24    §  2.  This  act  shall take effect immediately and shall apply to the
    25  satisfaction of judgments on or after such date.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04212-01-5
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