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H.B. 339
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AMENDMENTS TO INSURANCE LAW
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2000 GENERAL SESSION
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STATE OF UTAH
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Sponsor: Lowell A. Nelson
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AN ACT RELATING TO THE JUDICIAL CODE; CHANGING HOW INSURANCE BENEFITS
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OR CONTRACTS ARE EXEMPTED FROM JUDICIAL PROCESS.
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This act affects sections of Utah Code Annotated 1953 as follows:
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AMENDS:
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78-23-6, as enacted by Chapter 111, Laws of Utah 1981
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78-23-7, as enacted by Chapter 111, Laws of Utah 1981
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Be it enacted by the Legislature of the state of Utah:
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Section 1.
Section
78-23-6
is amended to read:
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78-23-6. Property exempt from execution to extent necessary for support.
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[Besides] In addition to the property specified in Section
78-23-5
, an individual is also
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entitled to exemption of the following property [to the extent reasonably necessary for the support
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of the individual and his dependents]:
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(1) money or property received, and rights to receive money or property for alimony or
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separate maintenance;
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(2) proceeds or benefits paid or payable on the death of an insured, if the individual was
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the spouse or a dependent of the insured; and
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(3) assets held, payments, and amounts payable under a stock bonus, pension,
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profit-sharing, annuity, or similar plan providing benefits other than by reason of illness or
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disability.
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Section 2.
Section
78-23-7
is amended to read:
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78-23-7. Exemption of unmatured life insurance contracts.
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[Except as provided in this section, an] An individual is entitled to an exemption of
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unmatured life insurance contracts owned by him. [If the contracts have accrued dividends and
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loan values totaling more than $1,500 available to the individual, a judgment creditor may obtain
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a court order directing the individual debtor to pay the creditor, and authorizing the creditor on the
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debtor's behalf to obtain payment of, the amount of the accrued dividends and loan values
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exceeding $1,500 or the amount of the creditor's claim, whichever is less.]
Legislative Review Note
as of 2-7-00 2:29 PM
A limited legal review of this legislation raises no obvious constitutional or statutory concerns.