Minnesota Legislature
HF 1202
1st Engrossment - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:45am
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A bill for an act
relating to creditors remedies; exempting certain life insurance proceeds and
the cash surrender value of certain life insurance contracts from attachment,
garnishment, or sale; amending Minnesota Statutes 2008, section 550.37,
subdivisions 10, 23.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2008, section 550.37, subdivision 10, is amended to read:
Subd. 10.
Insurance proceeds.
All money received by, or payable to, a surviving
spouse or child from insurance payable at the death of a spouse, or parent, not exceeding
deleted text begin $20,000deleted text end new text begin $43,000new text end . The deleted text begin $20,000deleted text end new text begin $43,000new text end exemption provided by this subdivision shall be
increased by deleted text begin $5,000deleted text end new text begin $10,500new text end for each dependent of the surviving spouse or child.
Sec. 2.
Minnesota Statutes 2008, section 550.37, subdivision 23, is amended to read:
Subd. 23.
Life insurance deleted text begin aggregate interestdeleted text end new text begin cash valuenew text end .
deleted text begin The debtor's aggregate
interest not to exceed in value $4,000deleted text end new text begin An amount sufficient to fall within the cash value
corridor of a life insurance contract, as specified in United States Code, title 26, section
7702, subsection (d),new text end in any deleted text begin accrued dividend or interest under or loan value of anydeleted text end
unmatured life insurance contract owned by the debtor under which the insured is the
debtor or an individual of whom the debtor is a dependent.