Text: SF00381 Text: SF00383 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 627.6, subsections 5, 6, 9, and 10, 1 2 Code 2001, are amended to read as follows: 1 3 5. The debtor's interest in household furnishings, 1 4 household goods, and appliances held primarily for the 1 5 personal, family, or household use of the debtor or a 1 6 dependent of the debtor, not to exceed in valuetwofour 1 7 thousand dollars in the aggregate. 1 8 6. The interest of an individual in any accrued dividend 1 9 or interest, loan or cash surrender value of, or any other 1 10 interest in a life insurance policy owned by the individual if 1 11 the beneficiary of the policy is the individual's spouse, 1 12 child, or dependent. However, the amount of the exemption 1 13 shall not exceedtenfifteen thousand dollars in the aggregate 1 14 of any interest or value in insurance acquired within two 1 15 years of the date execution is issued or exemptions are 1 16 claimed, or for additions within the same time period to a 1 17 prior existing policy which additions are in excess of the 1 18 amount necessary to fund the amount of face value coverage of 1 19 the policies for the two-year period. For purposes of this 1 20 paragraph, acquisitions shall not include such interest in new 1 21 policies used to replace prior policies to the extent of any 1 22 accrued dividend or interest, loan or cash surrender value of, 1 23 or any other interest in the prior policies at the time of 1 24 their cancellation. 1 25 In the absence of a written agreement or assignment to the 1 26 contrary, upon the death of the insured any benefit payable to 1 27 the spouse, child, or dependent of the individual under a life 1 28 insurance policy shall inure to the separate use of the 1 29 beneficiary independently of the insured's creditors. 1 30 A benefit or indemnity paid under an accident, health, or 1 31 disability insurance policy is exempt to the insured or in 1 32 case of the insured's death to the spouse, child, or dependent 1 33 of the insured, from the insured's debts. 1 34 In case of an insured's death the avails of all matured 1 35 policies of life, accident, health, or disability insurance 2 1 payable to the surviving spouse, child, or dependent are 2 2 exempt from liability for all debts of the beneficiary 2 3 contracted prior to death of the insured, but the amount thus 2 4 exempted shall not exceed fifteen thousand dollars in the 2 5 aggregate. 2 6 9. Any combination of the following, not to exceed a value 2 7 offive thousandseven thousand five hundred dollars in the 2 8 aggregate: 2 9 a. Musical instruments, not including radios, television 2 10 sets, or record or tape playing machines, held primarily for 2 11 the personal, family, or household use of the debtor or a 2 12 dependent of the debtor. 2 13 b. One motor vehicle. 2 14 c. In the event of a bankruptcy proceeding, the debtor's 2 15 interest in accrued wages and in state and federal tax refunds 2 16 as of the date of filing of the petition in bankruptcy, not to 2 17 exceed one thousand dollars in the aggregate. This exemption 2 18 is in addition to the limitations contained in sections 642.21 2 19 and 537.5105. 2 20 10. If the debtor is engaged in any profession or 2 21 occupation other than farming, the proper implements, 2 22 professional books, or tools of the trade of the debtor or a 2 23 dependent of the debtor, not to exceed in valuetenfifteen 2 24 thousand dollars in the aggregate. 2 25 EXPLANATION 2 26 This bill increases the dollar values applicable to certain 2 27 exempt property. The bill provides that a debtor may hold 2 28 exempt from execution household furnishings, household goods, 2 29 and appliances, held primarily for the personal, family, or 2 30 household use of the debtor or a dependent of the debtor, not 2 31 to exceed $4,000 in the aggregate; an interest in a life 2 32 insurance policy not to exceed $15,000 in the aggregate; any 2 33 combination of musical instruments, a motor vehicle, and the 2 34 debtor's interest in accrued wages and in state and federal 2 35 tax refunds not to exceed $7,500 in the aggregate; and any 3 1 professional books or tools of the trade of the debtor or a 3 2 dependent of the debtor, not to exceed $15,000 in the 3 3 aggregate. 3 4 LSB 2976XS 79 3 5 rh/gg/8
Text: SF00381 Text: SF00383 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed May 9 09:40:00 CDT 2001
URL: /DOCS/GA/79GA/Legislation/SF/00300/SF00382/010307.html
jhf