Chapter 292
2008 -- H 7938
AS AMENDED
Enacted 07/05/08
A N A C T
RELATING
TO COURTS AND CIVIL PROCEDURE - PROCEDURE GENERALLY - LEVY AND SALE ON
EXECUTION
Introduced
By: Representative Robert B. Jacquard
Date
Introduced: February 26, 2008
It is enacted by the General Assembly as
follows:
SECTION 1. Section
9-26-4 of the General Laws in Chapter 9-26 entitled "Levy and Sale
on Execution" is hereby amended to read as
follows:
9-26-4.
Property exempt from attachment. -- The following goods and property
shall
be exempt from attachment on any warrant of
distress or on any other writ, original, mesne, or
judicial:
(1) The necessary
wearing apparel of a debtor or of the debtor's family, if he or she has a
family.
(2) The working
tools of a debtor necessary in the debtor's usual occupation, not
exceeding in value the sum of one thousand
two one thousand five hundred dollars ($1,200)
($1,500), and the professional library of any
professional person in actual practice.
(3) The household
furniture, clothing, and family stores of a housekeeper in the whole,
including beds and bedding, not exceeding in
value the sum of eight nine thousand six hundred
dollars ($8,600) ($9,600).
(4) The bibles,
school books, and other books in use in the family, not exceeding in value
the sum of three hundred dollars ($300).
(5) The debtor's
interest in one lot or right of burial, as the case may be, in any cemetery.
(6) Wages due or
accruing to any sailor.
(7) Debts secured
by bills of exchange or negotiable promissory notes.
(8) (i) The
entire salary or wages of any debtor due or payable from any charitable
corporation, or from any person or corporation
engaged in the disbursement or administration of
any public charitable fund or money, whenever
the salaries or wages are to be paid or supplied,
directly or indirectly, from any fund or money
appropriated or contributed for the relief of the
poor or in aid of unemployment, and the debtor
is the object of the relief or aid.
(ii) The entire
wages or salary of any debtor due or payable from any employer, where
the debtor has been the object of relief from
any state, federal, or municipal corporation or agency
for a period of one year from and after the time
when the debtor ceases to be the object of such
relief.
(iii) The salary
or wages due or payable to any other debtor, not exceeding the sum of
fifty dollars ($50.00).
(9) The salary
and wages of the wife and the minor children of any debtor.
(10) Such other
property, real, personal, or mixed, in possession or actions as is or shall
be exempted from attachment and execution,
either permanently or temporarily, by general or
special acts, charters of incorporation, or by
the policy of the law.
(11) An
individual retirement account or individual retirement annuity as defined in
sections 408 and 408A of the Internal Revenue
Code, 26 U.S.C. sections 408 and 408A, and the
payments or distributions from such an account
or annuity, except that this exemption does not
apply to any of the following:
(i) An order of a
court pursuant to a judgment of divorce or separate maintenance.
(ii) An order of
a court concerning child support.
(iii)
Contributions to an individual retirement account or premiums on an individual
retirement annuity, including the earnings or
benefits from those contributions or premiums, that
constitute an excess contribution within the meaning
of Section 4973 of the Internal Revenue
Code [26 U.S.C. section 4973.
(12) The right or
interest of a person in an annuity, pension, profit sharing, or other
retirement plan protected by the Employee
Retirement Income Security Act of 1974, Public Law
93-406, 29 U.S.C. section 1001 et seq. This
exemption shall also apply to the operation of the
Federal Bankruptcy Code, as permitted by Section
522(d)(10)(E) of Title 11 of the United States
Code, 11 U.S.C. section 522(d)(10)(E). This
exemption shall not apply to the right or interest of a
person in an annuity, pension, profit sharing,
or other retirement plan to the extent that that right
or interest is subject to any of the following:
(i) An order of
the court pursuant to a judgment of divorce or separated maintenance.
(ii) An order of
a court concerning child support.
This exemption
shall not apply to contributions to and the earnings of any of the
retirement plans enumerated in this subdivision
that are not qualified retirement plans as defined
by Section 401 of the Internal Revenue Code, 26
U.S.C. section 401.
(13) Any and all
motor vehicles owned by the debtor not to exceed an aggregate total of
ten twelve thousand dollars ($10,000)
($12,000).
(14) Any and all
jewelry owned by the debtor not to exceed an aggregate total of one two
thousand dollars ($1,000) ($2,000).
(15) An account
balance, right, or interest of a person in a "prepaid tuition
program" or a
"tuition savings program" as defined
in section 16-57-3(10) and (16), respectively. This
exemption shall not apply to a balance, right,
or interest to the extent that the balance, right, or
interest is subject to any of the following:
(i) An order of a
court pursuant to a judgment of divorce or separate maintenance;
(ii) An order of
a court concerning child support.
(16) In
addition to the exemptions herein, a debtor in bankruptcy may exempt an
additional five thousand dollars ($5,000) in any
assets.
SECTION 2. This
act shall take effect upon passage.
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LC01872
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