N.Y. Debtor & Creditor Law § 283: Aggregate individual bankruptcy exemption for certain annuities and personal property

§ 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.