2006 New York Code - 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
  five 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 five thousand dollar  aggregate  limit;
  and  (c)  does  not  reach  such aggregate limit, may exempt cash in the
  amount by which five thousand  dollars  exceeds  the  aggregate  of  his
  exemptions  referred  to  in  subdivision  one of this section or in the
  amount of two thousand five hundred 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.