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SF 1825

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:23am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to creditors remedies; regulating exemptions; modifying certain dollar
amounts; 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 $200,000new text end . The deleted text begin $20,000deleted text end exemption provided by this subdivision shall be increased
by deleted text begin $5,000deleted text end new text begin $25,000new 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 aggregate interest.

The debtor's aggregate interest not to
exceed in value deleted text begin $4,000deleted text end new text begin $25,000new text end in any accrued dividend or interest under or loan value of
any 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.