N.Y. DCD Law § 283

§ 283. Aggregate individual bankruptcy exemption for certain annuities\nand personal property. 1. General application. The aggregate amount the\ndebtor may exempt from the property of the estate for personal property\nexempt from application to the satisfaction of a money judgment under\nsubdivision (a) of section fifty-two hundred five of the civil practice\nlaw and rules and for benefits, rights, privileges, and options of\nannuity contracts described in the following sentence shall not exceed\nten thousand dollars. Annuity contracts subject to the foregoing\nlimitation are those that are: (a) initially purchased by the debtor\nwithin six months of the debtor's filing a petition in bankruptcy, (b)\nnot described in any paragraph of section eight hundred five (d) of the\nInternal Revenue Code of nineteen hundred fifty-four, and (c) not\npurchased by application of proceeds under settlement options of annuity\ncontracts purchased more than six months before the debtor's filing a\npetition in bankruptcy or under settlement options of life insurance\npolicies.\n 2. Contingent alternative bankruptcy exemption. Notwithstanding\nsection two hundred eighty-two of this article, a debtor, who (a) does\nnot elect, claim, or otherwise avail himself of an exemption described\nin section fifty-two hundred six of the civil practice law and rules;\n(b) utilizes to the fullest extent permitted by law as applied to said\ndebtor's property, the exemptions referred to in subdivision one of this\nsection which are subject to the ten thousand dollar aggregate limit;\nand (c) does not reach such aggregate limit, may exempt cash in the\namount by which ten thousand dollars exceeds the aggregate of his or her\nexemptions referred to in subdivision one of this section or in the\namount of five thousand dollars, whichever amount is less. For purposes\nof this subdivision, cash means currency of the United States at face\nvalue, savings bonds of the United States at face value, the right to\nreceive a refund of federal, state and local income taxes, and deposit\naccounts in any state or federally chartered depository institution.\n