LD 247
pg. 1
LD 247 Title Page An Act To Increase the Value of Real and Personal Property Exempt from Attachme... LD 247 Title Page
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LR 1320
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 14 MRSA §4422, sub-§1, ķA, as amended by PL 2001, c. 306, §1,
is further amended to read:

 
A. Except as provided in paragraph B, the debtor's
aggregate interest, not to exceed $25,000 $50,000 in
value, in real or personal property that the debtor or a
dependent of the debtor uses as a residence, in a
cooperative that owns property that the debtor or a
dependent of the debtor uses as a residence, or in a
burial plot for the debtor or a dependent of the debtor,
provided that if minor dependents of the debtor have their
principal place of residence with the debtor, the debtor's
aggregate interest may not exceed $50,000 $100,000 and
provided further that if the debtor's interest is held
jointly with any other person or persons, the exemption
may not exceed in value the lesser of $25,000 $50,000 or
the product of the debtor's fractional share times $50,000
$100,000.

 
SUMMARY

 
This bill increases the value of a debtor's residence or
burial plot that is exempt from attachment in a civil
proceeding to $50,000, and to $100,000 if the debtor's minor
dependent resides with the debtor.


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