(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: (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 (B) the property is personal property subject to a value limitation under Subsection 78B-5-506(1)(a), (b), or (c); and (ii) the property has been: (A) sold or taken by condemnation; or (B) lost, damaged, or destroyed; and (C) the owner has been compensated for the property. (b) The exemption of proceeds under this Subsection (1) does not entitle the individual to claim an aggregate exemption in excess of the value limitation otherwise allowable under Section 78B-5-503 or 78B-5-506.
(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: (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 (B) the property is personal property subject to a value limitation under Subsection 78B-5-506(1)(a), (b), or (c); and (ii) the property has been: (A) sold or taken by condemnation; or (B) lost, damaged, or destroyed; and (C) the owner has been compensated for the property.
(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 (B) the property is personal property subject to a value limitation under Subsection 78B-5-506(1)(a), (b), or (c); and
(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
(B) the property is personal property subject to a value limitation under Subsection 78B-5-506(1)(a), (b), or (c); and
(ii) the property has been: (A) sold or taken by condemnation; or (B) lost, damaged, or destroyed; and (C) the owner has been compensated for the property.
(A) sold or taken by condemnation; or
(B) lost, damaged, or destroyed; and
(C) the owner has been compensated for the property.
(b) The exemption of proceeds under this Subsection (1) does not entitle the individual to claim an aggregate exemption in excess of the value limitation otherwise allowable under Section 78B-5-503 or 78B-5-506.
(2) Money or other property exempt under Subsection 78B-5-505(1)(a)(iii), (iv), (v), (vi), (vii), (xiii), or (xiv) 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: (a) the principle of: (i) first-in first-out; or (ii) last-in last-out; or (b) any other reasonable basis for tracing selected by the individual.
(a) the principle of: (i) first-in first-out; or (ii) last-in last-out; or
(i) first-in first-out; or
(ii) last-in last-out; or
(b) any other reasonable basis for tracing selected by the individual.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.