(2) The exemptions in Subsections (1)(xi), (xii), and (xiii) do not apply to
proceeds and avails of any matured or unmatured life insurance contract assigned
or pledged as collateral for repayment of a loan or other legal obligation.
103
{
(2)
}
(3)
Exemptions under this section do not limit items [which] that
may be claimed as
104
exempt under Section
78-23-8
.
MOTION: Sen. Waddoups moved to adopt the amendments.
The motion passed unanimously with Sen. Hatch, Sen. Hickman and Sen. Davis absent for
the vote.
Sen. Waddoups proposed the following amendments:
1. Page
3, Lines 66 through 68
House Floor Amendments
2-16-2005
:
66
[(viii) works of art]
67
(ix) except for works
{
or
}
of
art held by the debtor as part of a trade or
business, works of
68
art:
MOTION: Sen. Waddoups moved to adopt the amendments.
The motion passed unanimously with Sen. Hatch, Sen. Hickman and Sen. Davis absent for
the vote.
Rep. Dunnigan explained the bill.
George Sutton, Attorney, Utah Bankers Association, and Association of Financial Services,
spoke in support of the bill.
MOTION: Sen. Waddoups moved to pass the bill out favorably as amended.
The motion passed unanimously with Sen. Hatch, Sen. Hickman, Sen. Killpack and Sen.
Davis absent for the vote.
MOTION: Sen. Waddoups moved to adjourn.
The motion passed unanimously with Sen. Hatch, Sen. Hickman, Sen. Killpack and Sen.
Davis absent for the vote.
The meeting adjourned at 5:55 p.m.
Sen. Scott K. Jenkins, Chair