language to be deleted (2) new language
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.
Official Publication of the State of Minnesota
Revisor of Statutes