Matter of Bank Leumi Trust Co. of New York v. Dime Sav. Bank of New York, 650 N.E.2d 846 (NY 1995). · Go Syfert
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Matter of Bank Leumi Trust Co. of New York v. Dime Sav. Bank of New York, 650 N.E.2d 846 (NY 1995). Cases Citing This Book View Copy Cite
12 citation events (4 in the last 25 years) across 6 distinct courts.
Top citers, strongest first. 5 distinct citers. How cited ↗
cited Cited as authority (rule) Rech v. Rech
N.Y. App. Div. · 2018 · confidence medium
Bank of N.Y. , 85 NY2d 925, 926 [1995]; Friedman v Turner , 135 AD3d 487, 487 [1st Dept 2016]).
cited Cited as authority (rule) Friedman v. Turner
N.Y. App. Div. · 2016 · confidence medium
Bank of N.Y., 85 NY2d 925, 926 [1995]).
discussed Cited as authority (rule) J.K.C. v. T.W.C.
N.Y. Sup. Ct. · 2013 · confidence medium
Bank of N.Y., 85 NY2d 925, 926 [1995] [under CPLR 5205 (c) (1) and (2) as amended in 1989, an individual retirement account created pursuant to 26 USC § 408 (d) (3), as a result of rollovers from either “a Keogh (HR-10), retirement or other (qualified section 401) plan established by a corporation” is exempt from a judgment creditor’s levy].) In Pauk v Pauk ( 232 AD2d 392 [2d Dept 1996]), the Second Department reviewed this legislative design: “Effective September 1, 1994, CPLR 5205 (c) (2) was amended to include IRAs as accounts that are ‘conclusively presumed to be spendthrift tru…
cited Cited "see" Dionne v. Harless (In Re Harless)
Bankr. N.D. Ala. · 1995 · signal: see · confidence high
See Bank of Leumi Trust Company of New York v. Dime Savings Bank of New York, FSB, 85 N.Y.2d 925 , 626 N.Y.S.2d 999 , 650 N.E.2d 846 (1995) and N.Y.Civ.Prac.L. & R. 5205(c)(1) and (2).
discussed Cited "see" Taft v. O'Connell (In Re Taft)
E.D.N.Y · 1995 · signal: see · confidence high
See Bank Leumi Trust Co. of New York v. Dime Savings Bank of New York, 202 A.D.2d 578, 579 , 609 N.Y.S.2d 267, 268 (2d Dep’t 1994), rev’d on other grounds, 85 N.Y.2d 925 , 626 N.Y.S.2d 999 , 650 N.E.2d 846 (1995) (IRA not entitled to protection of C.P.L.R. § 5205(c)); European American Bank & Trust Co. v. H.
Retrieving the full opinion text from the archive…
In the Matter of Bank Leumi Trust Company of New York, Respondent,
v.
Dime Savings Bank of New York, FSB, Respondent, and Warren McCain, Appellant
New York Court of Appeals.
Apr 27, 1995.
650 N.E.2d 846
APPEARANCES OF COUNSEL, Melvin S. Hirshowitz, New York City, for appellant., No appearance for respondents.
Kaye and Judges Simons, Titone, Bellacosa, Smith, Levine and Ciparick Concur in Memorandum.
Cited by 11 opinions  |  Published

OPINION OF THE COURT

Memorandum.

The order of the Appellate Division should be reversed, without costs, and the petition dismissed.

Under CPLR 5205 (c) (1) and (2) as amended in 1989 (L 1989, ch 84), an Individual Retirement Account (IRA) created pursuant to 26 USC § 408 (d) (3) as a result of rollovers from either "a Keogh (HR-10), retirement or other [qualified section 401] plan established by a corporation” is exempt from a judgment creditor’s levy. That exemption, which was in effect at the time this enforcement proceeding was instituted, applied to the IRA account that respondent McCain maintained at respondent Dime Savings Bank, since the account was created as a result of a timely rollover of the funds that were previously held in McCain’s former employer’s qualified Pension, Profit and Stock Bonus Plan pursuant to section 401 (k) of the Internal Revenue Code (see, 26 USC § 402 [c] [3]; § 408 [d] [3] [A] [i]). The fact that the IRA account was created before the 1989 amendment became effective is of no moment, since the controlling event in this context is petitioner judgment creditor’s effort to levy against this presently exempt fund. Accordingly, the courts below erred in granting the petition.

Chief Judge Kaye and Judges Simons, Titone, Bellacosa, Smith, Levine and Ciparick concur in memorandum.

Order reversed, etc.