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COMMITTEE REPORT
April 2, 2002
H. 4042
S. Printed 4/2/02--H.
Read the first time May 1, 2001.
To whom was referred a Bill (H. 4042) to amend Section 15-41-30, as amended, Code of Laws of South Carolina, 1976, relating to real and personal property exempt from attachment, levy, and sale, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/SECTION 1. Section 15-41-30(1) through (8) of the 1976 Code, as last amended by Act 53 of 1988, is further amended to read:
"(1) The debtor's aggregate interest, not to exceed five thousand dollars in value the amount specified in 11 U.S.C.A. 522(d)(1), in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor, except that the aggregate value of multiple homestead exemptions allowable with respect to a single living unit may not exceed ten thousand dollars. If there are multiple owners of such a living unit exempt as a homestead, the value of the exemption of each individual owner may not exceed his fractional portion of ten thousand dollars.
(2) The debtor's interest, not to exceed one thousand two hundred dollars in value the amount specified in 11 U.S.C.A. 522(d)(2), in one motor vehicle.
(3) The debtor's interest, not to exceed two thousand five hundred dollars in aggregate value the amount specified in 11 U.S.C.A. 522(d)(3), in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
(4) The debtor's aggregate interest, not to exceed five hundred dollars in value the amount specified in 11 U.S.C.A. 522(d)(4), in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
(5) The debtor's aggregate interest in cash and other liquid assets to the extent of a value not exceeding one thousand dollars, except that this exemption is available only to an individual who does not claim a homestead exemption. The term "liquid assets" includes deposits, securities, notes, drafts, unpaid earnings not otherwise exempt, accrued vacation pay, refunds, prepayments, and other receivables.
(6) The debtor's aggregate interest, not to exceed seven hundred fifty dollars in value the amount specified in 11 U.S.C.A. 522(d)(6), in any implements, professional books, or tools of the trade of the debtor or the trade of a dependent of the debtor.
(7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract.
(8) The debtor's aggregate interest, not to exceed in value four thousand dollars the amount specified in 11 U.S.C.A. 522(d)(8), less any amount of property of the estate transferred in the manner specified in Section 542(d) of the Bankruptcy Code of 1978, in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent."
SECTION 2. This act takes effect upon approval by the Governor./
Renumber sections to conform.
Amend title to conform.
JAMES H. HARRISON for Committee.
TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REAL AND PERSONAL PROPERTY EXEMPT FROM ATTACHMENT, LEVY, AND SALE, SO AS TO REVISE THE DEBTOR'S INTEREST IN A MOTOR VEHICLE SO THE AMOUNT TRACKS THE EXEMPTED AMOUNT IN FEDERAL LAW.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 15-41-30(2) of the 1976 Code, as last amended by Act 415 of 1988, is further amended to read:
"(2) The debtor's interest, not to exceed one thousand two hundred dollars in value, the amount specified in 11 U.S.C.A. 522(d)(2), in one motor vehicle."
SECTION 2. This act takes effect upon approval by the Governor.
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