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S.B. 150 Enrolled

             1     

PROPERTY EXEMPT FROM EXECUTION

             2     
2007 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Lyle W. Hillyard

             5     
House Sponsor: James A. Dunnigan

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill modifies the Judicial Code to include additional exemptions from judgment
             10      executions.
             11      Highlighted Provisions:
             12          This bill:
             13          .    adds the following to the list of property exempt from judgment execution:
             14              .    proceeds or benefits of any trust of which the debtor, spouse, or children are
             15      beneficiaries; and
             16              .    proceeds and avails of any revocable grantor trust created by the debtor.
             17      Monies Appropriated in this Bill:
             18          None
             19      Other Special Clauses:
             20          None
             21      Utah Code Sections Affected:
             22      AMENDS:
             23          78-23-5, as last amended by Chapter 234, Laws of Utah 2005
             24     
             25      Be it enacted by the Legislature of the state of Utah:
             26          Section 1. Section 78-23-5 is amended to read:
             27           78-23-5. Property exempt from execution.
             28          (1) (a) An individual is entitled to exemption of the following property:
             29          (i) a burial plot for the individual and the individual's family;


             30          (ii) health aids reasonably necessary to enable the individual or a dependent to work or
             31      sustain health;
             32          (iii) benefits the individual or the individual's dependent have received or are entitled
             33      to receive from any source because of:
             34          (A) disability;
             35          (B) illness; or
             36          (C) unemployment;
             37          (iv) benefits paid or payable for medical, surgical, or hospital care to the extent they are
             38      used by an individual or the individual's dependent to pay for that care;
             39          (v) veterans benefits;
             40          (vi) money or property received, and rights to receive money or property for child
             41      support;
             42          (vii) money or property received, and rights to receive money or property for alimony
             43      or separate maintenance, to the extent reasonably necessary for the support of the individual
             44      and the individual's dependents;
             45          (viii) (A) one:
             46          (I) clothes washer and dryer;
             47          (II) refrigerator;
             48          (III) freezer;
             49          (IV) stove;
             50          (V) microwave oven; and
             51          (VI) sewing machine;
             52          (B) all carpets in use;
             53          (C) provisions sufficient for 12 months actually provided for individual or family use;
             54          (D) all wearing apparel of every individual and dependent, not including jewelry or
             55      furs; and
             56          (E) all beds and bedding for every individual or dependent;
             57          (ix) except for works of art held by the debtor as part of a trade or business, works of


             58      art:
             59          (A) depicting the debtor or the debtor and his resident family; or
             60          (B) produced by the debtor or the debtor and his resident family;
             61          (x) proceeds of insurance, a judgment, or a settlement, or other rights accruing as a
             62      result of bodily injury of the individual or of the wrongful death or bodily injury of another
             63      individual of whom the individual was or is a dependent to the extent that those proceeds are
             64      compensatory;
             65          (xi) the proceeds or benefits of any life insurance contracts or policies paid or payable
             66      to the debtor or any trust of which the debtor is a beneficiary upon the death of the spouse or
             67      children of the debtor, provided that the contract or policy has been owned by the debtor for a
             68      continuous unexpired period of one year;
             69          (xii) the proceeds or benefits of any life insurance contracts or policies paid or payable
             70      to the spouse or children of the debtor or any trust of which the spouse or children are
             71      beneficiaries upon the death of the debtor, provided that the contract or policy has been in
             72      existence for a continuous unexpired period of one year;
             73          (xiii) proceeds and avails of any unmatured life insurance contracts owned by the
             74      debtor or any revocable grantor trust created by the debtor, excluding any payments made on
             75      the contract during the one year immediately preceding a creditor's levy or execution;
             76          (xiv) except as provided in Subsection (1)(b), any money or other assets held for or
             77      payable to the individual as a participant or beneficiary from or an interest of the individual as
             78      a participant or beneficiary in a retirement plan or arrangement that is described in Section
             79      401(a), 401(h), 401(k), 403(a), 403(b), 408, 408A, 409, 414(d), or 414(e), Internal Revenue
             80      Code; and
             81          (xv) the interest of or any money or other assets payable to an alternate payee under a
             82      qualified domestic relations order as those terms are defined in Section 414(p), Internal
             83      Revenue Code.
             84          (b) The exemption granted by Subsection (1)(a)(xiv) does not apply to:
             85          (i) an alternate payee under a qualified domestic relations order, as those terms are


             86      defined in Section 414(p), Internal Revenue Code; or
             87          (ii) amounts contributed or benefits accrued by or on behalf of a debtor within one year
             88      before the debtor files for bankruptcy. This may not include amounts directly rolled over from
             89      other funds which are exempt from attachment under this section.
             90          (2) The exemptions in Subsections (1)(a)(xi), (xii), and (xiii) do not apply to proceeds
             91      and avails of any matured or unmatured life insurance contract assigned or pledged as collateral
             92      for repayment of a loan or other legal obligation.
             93          (3) Exemptions under this section do not limit items that may be claimed as exempt
             94      under Section 78-23-8 .


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