Maine Revised Statutes Title 14 Sec. 4424 – Interest in excess of exemption
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1. Forced sale. If the debtor‘s interest in any property exempt under section 4422 exceeds the exempt amount, the whole of the property may be sold.
[PL 1981, c. 431, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 14 Sec. 4424
- Debtor: means an individual debtor. See Maine Revised Statutes Title 14 Sec. 4421
- Value: means fair market value as of the date of the attachment or, in a proceeding under the United States Code, Title 11, the date of the filing of the petition. See Maine Revised Statutes Title 14 Sec. 4421
2. Distribution of proceeds. The proceeds of a sale under subsection 1 shall be distributed in the following order:
A. To the debtor in the amount of his exempt interest; [PL 1981, c. 431, §2 (NEW).]
B. To the creditor attaching or executing on the property; and [PL 1981, c. 431, §2 (NEW).]
C. To the debtor, the balance of the proceeds. [PL 1981, c. 431, §2 (NEW).]
[PL 1991, c. 431, §2 (NEW).]
3. Exception for residence. With respect to a residence in which the debtor has an exempt interest, the debtor may designate as exempt from sale under subsection 1 any part of the residence having a value not in excess of the amount of his exemption.
[PL 1981, c. 431, §2 (NEW).]
SECTION HISTORY
PL 1981, c. 431, §2 (NEW).