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NY A10770

Bill

Official Source

Status

Introduced

6/18/2012

Primary Sponsor

Linda Rosenthal

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Amends Civil Practice Law and Rules Section 5205(c)(2) to include retirement and other plans established by not-for-profit corporations in the definition of exempt trusts
  • Extends exemption from judgment satisfaction to plans qualified under Internal Revenue Code Sections 401 or 403(b) when established by a not-for-profit corporation, previously limited to corporate plans
  • Maintains existing exemptions for individual retirement accounts (IRAs), Keogh plans, and Section 457 plans regardless of whether the judgment debtor is the settlor, self-employed individual, partner, shareholder, or plan participant
  • Takes effect immediately and applies to satisfaction of judgments on or after the effective date

Legislative Description

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

Last Action

referred to judiciary

6/18/2012

Committee Referrals

Judiciary6/18/2012

Full Bill Text

No bill text available