Conference Committee Report - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
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:
Minnesota Statutes 2004, section 550.37,
subdivision 4, is amended to read:
(a) All wearing apparel, one
watch, utensils, and foodstuffs of the debtor and the debtor's
family; deleted text begin and
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 in wedding rings, not
to exceed $1,225 in value, held primarily for the personal or
family use of the debtor or a dependent of the debtornew 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.
new text begin
Section 1 is effective the day following final enactment.
new text end