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2002 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 34-26 and 34-28 of the Code of Virginia are amended and reenacted as follows:
§ 34-26. Poor debtor's exemption; exempt articles enumerated.
In addition to the exemptions provided in Chapter 2 (§ 34-4 et seq.) of this title, every householder shall be entitled to hold exempt from creditor process the following enumerated items:
(1) 1. The family Bible.
(1a) 1a. Wedding and engagement rings.
(2) 2. Family portraits and family heirlooms not to exceed $5,000 in value.
(3) 3. (i) A lot in a burial ground, and (ii) any preneed funeral contract not
to exceed $5,000.
(4) 4. All wearing apparel of the householder not to exceed $1,000 in value.
(4a) 4a. All household furnishings including, but not limited to, beds,
dressers, floor coverings, stoves, refrigerators, washing machines, dryers, sewing machines, pots and
pans for cooking, plates, and eating utensils, not to exceed $5,000 in value.
(5) 5. All animals owned as pets, such as cats, dogs, birds, squirrels, rabbits
and other pets not kept or raised for sale or profit.
(6) 6. Medically prescribed health aids.
(7) 7. Tools, books, instruments, implements, equipment, and machines,
including motor vehicles, vessels, and aircraft, which are necessary for use in
the course of the householder's occupation or trade not exceeding $10,000 in
value, except that a perfected security interest on such personal property
shall have priority over the claim of exemption under this section. A motor
vehicle, vessel or aircraft used to commute to and from a place of occupation
or trade and not otherwise necessary for use in the course of such occupation
or trade shall not be exempt under this subsection subdivision. "Occupation,"
as used in this subdivision, includes enrollment in any public or private elementary, secondary, or
career and technical education school or institution of higher education.
(8) 8. A motor vehicle, not held as exempt under subdivision (7) 7, owned by
the householder, not to exceed $2,000 in value, except that a perfected
security interest on the motor vehicle shall have priority over the claim of
exemption under this subsection subdivision.
The value of an item claimed as exempt under this section shall be the fair market value of the item less any prior security interest.
The monetary limits, where provided, are applicable to the total value of property claimed as exempt under that subdivision.
The purchase of an item claimed as exempt under this section with nonexempt property in contemplation of bankruptcy or creditor process shall not be deemed to be in fraud of creditors.
No officer or other person shall levy or distrain upon, or attach, such articles, or otherwise seek to subject such articles to any lien or process. It shall not be required that a householder designate any property exempt under this section in a deed in order to secure such exemption.
§ 34-28. Deed of trust, etc., on such property void.
Every deed of trust, mortgage or other writing or pledge made by a householder
to give a lien on property exempt from distress or levy under § 34-26 shall be
void as to such property. However, this section shall have no application to (i)
property covered by a deed of trust, mortgage or other writing or pledge given
by a householder to secure a loan made for the purchase of such property or
(ii) security interests in such property having priority over the claim of
exemption as specifically provided in subsections subdivisions (7) 7 and (8) 8
of § 34-26.