Section 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.