gistfile1.txt

f = Fiber.new {
  begin
    Timeout.timeout(1) {
      p Fiber.yield
    }
  rescue Exception => e
    puts e.inspect
    p Fiber.yield
  end
}
f.resume "resume 1"
sleep 1.5
f.resume "resume 2"

MRI

2.0.0-p247 :001 > require 'timeout'
 => true
2.0.0-p247 :002 > require 'fiber'
 => true
2.0.0-p247 :003 > f = Fiber.new {
2.0.0-p247 :004 >       begin
2.0.0-p247 :005 >           Timeout.timeout(1) {
2.0.0-p247 :006 >               p Fiber.yield("y1")
2.0.0-p247 :007?>           }
2.0.0-p247 :008?>       rescue Exception => e
2.0.0-p247 :009?>         puts e.inspect
2.0.0-p247 :010?>       end
2.0.0-p247 :011?>     p Fiber.yield("y2")
2.0.0-p247 :012?>   }
 => #<Fiber:0x00000003daf090>
2.0.0-p247 :013 > p f.resume "resume 1"
"y1"
 => "y1"
2.0.0-p247 :014 > sleep 1.5
#<Class:0x00000003db2d08>: execution expired
        from (irb):14:in `sleep'
        from (irb):14
        from /usr/local/rvm/rubies/ruby-2.0.0-p247/bin/irb:13:in `<main>'
2.0.0-p247 :015 > p f.resume "resume 2"
"resume 2"
"y2"
 => "y2"
2.0.0-p247 :016 > f.resume
nil
 => nil
2.0.0-p247 :017 > f.resume
FiberError: dead fiber called
        from (irb):17:in `resume'
        from (irb):17
        from /usr/local/rvm/rubies/ruby-2.0.0-p247/bin/irb:13:in `<main>'