Utah Code 78B-5-507. Exemption of proceeds from property sold, taken by condemnation, lost, damaged, or destroyed — Tracing exempt property and proceeds
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(1)
Terms Used In Utah Code 78B-5-507
- Exempt: means protected, and "exemption" means protection from subjection to a judicial process to collect an unsecured debt. See Utah Code 78B-5-502
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Value: means fair market value of an individual's interest in property, exclusive of valid liens. See Utah Code 78B-5-502
(1)(a) An individual who owned property described in this Subsection (1) is entitled to an exemption of proceeds that are traceable for one year after the compensation for the property is received if:
(1)(a)(i)
(1)(a)(i)(A) the property, or a part of the property, could have been claimed exempt under Subsection 78B-5-505(1)(a)(i) or (ii); or
(1)(a)(i)(B) the property is personal property subject to a value limitation under Subsection 78B-5-506(1)(a), (b), or (c); and
(1)(a)(ii) the property has been:
(1)(a)(ii)(A) sold or taken by condemnation; or
(1)(a)(ii)(B) lost, damaged, or destroyed; and
(1)(a)(ii)(C) the owner has been compensated for the property.
(2) Money or other property exempt under Subsection 78B-5-505(1)(a)(iii), (iv), (v), (vi), (vii), (xiii), (xiv), or (xviii) remains exempt after its receipt by, and while it is in the possession of, the individual or in any other form into which it is traceable.
(3) Money or other property and proceeds exempt under this chapter are traceable under this section by application of:
(3)(a) the principle of:
(3)(a)(i) first-in first-out; or
(3)(a)(ii) last-in last-out; or
(3)(b) any other reasonable basis for tracing selected by the individual.