Maine Revised Statutes Title 14 Sec. 4423 – Exempt property acquired within 90 days
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Terms Used In Maine Revised Statutes Title 14 Sec. 4423
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Debtor: means an individual debtor. See Maine Revised Statutes Title 14 Sec. 4421
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
- 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
Notwithstanding section 4424, if within 90 days of the attachment, or, in a proceeding under the United States Code, Title 11, the date of the filing of the petition, the debtor transfers his nonexempt property and as a result acquires, improves or increases in value property otherwise exempt under section 4422, his interest shall not be exempt to the extent that the acquisition, improvement or increase in value exceeds the reasonable needs of the debtor or his dependents. [PL 1983, c. 480, Pt. A, §9 (AMD).]
SECTION HISTORY
PL 1981, c. 431, §2 (NEW). PL 1983, c. 480, §A9 (AMD).