Opinion
February 8, 1996
Appeal from the Supreme Court, New York County (Diane Lebedeff, J.).
In granting the within petition, the IAS Court, after voicing strong reluctance, felt constrained to rely on Matter of Bank Leumi Trust Co. v. Dime Sav. Bank ( 202 A.D.2d 578), a Second Department case which held that an IRA created as the result of a "rollover" from a qualified profit-sharing plan under section 401 of the United States Internal Revenue Code (26 USC) was not exempt from levy. In reversing the Second Department, the Court of Appeals ( 85 N.Y.2d 925, 926) held that: "Under CPLR 5205 (c)(1) and (2) * * * an Individual Retirement Account (IRA) created * * * 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."
Accordingly, pursuant to the ruling of the Court of Appeals in Matter of Bank Leumi Trust Co. v. Dime Sav. Bank ( supra), we reverse.
Concur — Sullivan, J.P., Wallach, Rubin and Tom, JJ.