CHAPTER 306
H.P. 1084 - L.D. 1453
An Act to Amend the Laws that Govern Property that is Exempt from Attachment and Execution
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 14 MRSA §4422, sub-§1, ¶A, as amended by PL 1991, c. 741, §1, is further amended to read:
A. Except as provided in paragraph B, the debtor's aggregate interest, not to exceed $12,500 $25,000 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 $25,000 $50,000 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 $12,500 $25,000 or the product of the debtor's fractional share times $25,000 $50,000.
Sec. 2. 14 MRSA §4422, sub-§2, as amended by PL 1991, c. 741, §2, is further amended to read:
2. Motor vehicle. The debtor's interest, not to exceed $2,500 $5,000 in value, in one motor vehicle.
Sec. 3. 14 MRSA §4422, sub-§13, ¶D, as enacted by PL 1981, c. 431, §2, is amended to read:
D. Alimony, support or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor; or
Sec. 4. 14 MRSA §4422, sub-§13, ¶E, as amended by PL 1995, c. 35, §1, is further amended to read:
E. A payment or account under a stock bonus, pension, profitsharing, annuity, individual retirement account or similar plan or contract on account of illness, disability, death, age or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, unless:
(1) The plan or contract was established by or under the auspices of an insider that employed the debtor at the time the debtor's rights under the plan or contract arose;
(2) The payment is on account of age or length of service; and
(3) The plan or contract does not qualify under the United States Internal Revenue Code of 1954, Section 401(a), 403(a), 403(b), 408 or 409.; or
Sec. 5. 14 MRSA §4422, sub-§13, ¶F is enacted to read:
F. A payment or account under an individual retirement account or similar plan or contract on account of illness, disability, death, age or length of service to the sum of $15,000 or to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, whichever is greater.
Effective September 21, 2001, unless otherwise indicated.
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