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HF 473

2nd Engrossment - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - 2nd Engrossment

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A bill for an act
relating to creditors' remedies; exempting certain
jewelry from attachment, garnishment, or sale;
amending Minnesota Statutes 2004, section 550.37,
subdivision 4.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, 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; deleted text beginand
deleted text end

(b) household furniture, household appliances, phonographs,
radio and television receivers of the debtor and the debtor's
family, not exceeding $4,500 in valuenew text begin; and
new text end

new text begin (c) the debtor's aggregate interest, not exceeding $1,225
in value, in wedding rings or other religious or culturally
recognized symbols of marriage exchanged between the debtor and
spouse at the time of the marriage and in the debtor's
possession
new text end.

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 this subdivision, of a
value in excess of $4,500 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 $4,500 by requiring the
debtor to select the exemption in writing at the time the loan
is made.

Sec. 2. new text beginEFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end