Minnesota Legislature
HF 2447
as introduced - 92nd Legislature (2021 - 2022) Posted on 04/06/2021 11:29am
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A bill for an act
relating to creditor remedies; updating types of property exempt from attachment;
amending Minnesota Statutes 2020, section 550.37, subdivision 4, by adding
subdivisions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2020, section 550.37, subdivision 4, is amended to read:
Subd. 4.
Personal goods.
(a) All wearing apparel, one watch, utensils, and foodstuffs
of the debtor and the debtor's family.
(b) Household furniture, household appliances, deleted text begin phonographs, radio and television
receiversdeleted text end new text begin radios, computers, tablets, televisions, printers, and cell phonesnew text end of the debtor and
the debtor's family, not exceeding $11,250 in value.
(c) The debtor's aggregate interest, not exceeding $3,062.50 in value, in deleted text begin wedding rings
or other religious or culturally recognized symbols of marriage exchanged between the
debtor and spouse at the time of the marriage anddeleted text end new text begin jewelry new text end in the debtor's possession.
The exemption provided by this subdivision may not be waived except with regard to
purchase money security interests. Except for a pawnbroker's possessory lien, a nonpurchase
money security interest in the property exempt under this subdivision is void.
If a debtor has property of the type which would qualify for the exemption under clause
(b), of a value in excess of $11,250 an itemized list of the exempt property, together with
the value of each item listed, shall be attached to the security agreement at the time a security
interest is taken, and a creditor may take a nonpurchase money security interest in the excess
over $11,250 by requiring the debtor to select the exemption in writing at the time the loan
is made.
Sec. 2.
Minnesota Statutes 2020, section 550.37, is amended by adding a subdivision to
read:
new text begin Subd. 27. new text end
new text begin Household tools and equipment. new text end
new text begin
Debtor's aggregate interest, not to exceed
$3,000, in hand and power tools, snow removal equipment, and lawnmowers.
new text end
Sec. 3.
Minnesota Statutes 2020, section 550.37, is amended by adding a subdivision to
read:
new text begin Subd. 28. new text end
new text begin Any property. new text end
new text begin
Debtor's aggregate interest, not to exceed $1,250, in any
property except earnings.
new text end