Minnesota Session Laws - 2005, Regular Session

                            CHAPTER 137-H.F.No. 473 
                  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; and 
           (b) household furniture, household appliances, phonographs, 
        radio and television receivers of the debtor and the debtor's 
        family, not exceeding $4,500 in value; and 
           (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. 
           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.  [EFFECTIVE DATE.] 
           Section 1 is effective the day following final enactment. 
           Presented to the governor May 31, 2005 
           Signed by the governor June 2, 2005, 2:25 p.m.