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1997 SESSION

  • print version
(SB891)

GOVERNOR'S RECOMMENDATION

    1. Page 1, enrolled, Title, line 3, after 23-38.81,

      insert

    2. Page 1, enrolled, Title, line 10, after 23-38.81,

      insert

    3. Page 27, enrolled, line 15, at the beginning of the line

      strike

        claims of creditors of a purchaser or beneficiary. Further, contracts shall not be assigned for the benefit of creditors or used as security or collateral for any loan.

        E.

      insert

        creditor process and shall not be liable to attachment, garnishment, or other process, nor shall it be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of any purchaser or beneficiary.

        E. No contract shall be assigned for the benefit of creditors, used as security or collateral for any loan, or otherwise subject to alienation, sale, transfer, assignment, pledge, encumbrance or charge.

        F.

    4. Page 27, enrolled, between lines 21 and 22,

      insert

        § 34-4. Exemption created.

        Every householder shall be entitled, in addition to the property or estate exempt under §§ 23-38.81, 34-26, 34-27, 34-29, and 64.1-151.3, to hold exempt from creditor process arising out of a debt, real and personal property, or either, to be selected by the householder, including money and debts due the householder not exceeding $5,000 in value. In addition, upon a showing that a householder supports dependents, the householder shall be entitled to hold exempt from creditor process real and personal property, or either, selected by the householder, including money or monetary obligations or liabilities due the householder, not exceeding $500 in value for each dependent.

        For the purposes of this section, "dependent" means an individual who derives support primarily from the householder and who does not have assets sufficient to support himself, but in no case shall an individual be the dependent of more than one householder.