§ 14 §4422 — Exempt property

Maine § 14 §4422

• Jurisdiction: Maine
• Title 14: COURT PROCEDURE -- CIVIL
• Part 5: PROVISIONAL REMEDIES; SECURITY
• Ch. 507: ATTACHMENTS

Text

The following property is exempt from attachment and execution, except to the extent that it has been fraudulently conveyed by the debtor:
1.
Residence.
A debtor's residence. The exemption of a debtor's residence is subject to this subsection.
2.
Motor vehicle.
The debtor's interest, not to exceed $10,000 in value, in one motor vehicle;
3.
Clothing; furniture; appliances; and similar items.
The debtor's interest, not to exceed $500 in value in any particular item, 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.
Jewelry.
The debtor's aggregate interest, not to exceed $1,000 in value, in jewelry held primarily for the personal, family or household use of the debtor or a dependent of the debtor and the debtor's aggregate interest, not to exceed $4,000, in a wedding ring and an engagement ring;
5.
Tools of the trade.
The debtor's aggregate interest, not to exceed $9,500 in value, in any implements, professional books or tools of the trade of the debtor or the trade of a dependent of the debtor, including, but not limited to, power tools, materials and stock designed and procured by the debtor and necessary for carrying on the debtor's trade or business and intended to be used or wrought in that trade or business;
6.
Furnaces, stoves and fuel.
The debtor's interest in the following items held primarily for the personal, family or household use of the debtor or a dependent of the debtor:
7.
Food, produce and animals.
The debtor's interest in the following items held primarily for the personal, family or household use of the debtor or a dependent of the debtor:
8.
Farm equipment.
The debtor's interest in one of every type of farm implement reasonably necessary for the debtor to raise and harvest agricultural products commercially, including any personal property incidental to its maintenance and operation;
9.
Fishing boat.
The debtor's interest in one boat, not exceeding 46 feet in length, used by the debtor primarily for commercial fishing;
9-A.
Logging implements.
The debtor's interest in one of every type of professional logging implement reasonably necessary for the debtor to harvest and haul wood commercially, including any personal property incidental to its maintenance and operation;
10.
Life insurance contract.
Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract;
11.
Life insurance dividends, interest and loan value.
The debtor's aggregate interest, not to exceed in value $5,000 less any amount of property of the estate transferred in the manner specified in 11 United States Code, Section 542(d), 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 dependent;
12.
Health aids.
Professionally prescribed health aids for the debtor or a dependent of the debtor;
13.
Disability benefits; pensions.
The debtor's right to receive the following:
13-A.
Retirement funds.
Retirement funds to the extent those funds are in a fund or account that is exempt from taxation under the United States Internal Revenue Code of 1986, Section 401, 403, 408, 408A, 414, 457 or 501(a), up to an aggregate value of $1,054,550. This subsection does not exempt:
14.
Legal awards; life insurance benefits.
The debtor's right to receive or property that is traceable to the following:
15.
Other property.
The debtor's aggregate interest, not to exceed in value $500, in any property, whether or not otherwise exempt under this section;
16.
Unused residence exemption for other exemptions.
The debtor's interest, equal to any unused amount of the exemption provided under subsection 1 but not exceeding $10,500, in any property exempt under subsections 3 and 5 and subsection 14, paragraph D; and
17.
Cash; bank account.
The debtor's interest in cash or in deposit accounts or other accounts of a financial institution, equal to any amount in cash or in the deposit account or other account of financial institutions, but not exceeding $3,000. The plaintiff, defendant or other account owner may file an ex parte motion for dissolution or modification in the court in which a judgment or prejudgment order was entered for a hearing to establish how and to which account any exemption should be applied.
The exemptions set forth in this section are automatically adjusted to reflect changes by the percentage change, if any, from January 1st to December 31st of the preceding year in the Consumer Price Index for All Urban Consumers, Annual City Average, for the Northeast Region, or its successor index, as published by the United States Department of Labor, Bureau of Labor Statistics or its successor agency, beginning April 1, 2024 and every 3 years thereafter. The Supreme Judicial Court shall publish the 3-year adjustment for an effective date of April 1st for the following year. Adjustments made pursuant to this paragraph must be rounded up to the next $50.

Legislative History

PL 1981, c. 431, §2 (NEW). PL 1985, c. 187, §3 (AMD). PL 1989, c. 286, §1 (AMD). PL 1991, c. 741, §§1-4 (AMD). PL 1995, c. 35, §1 (AMD). PL 2001, c. 306, §§1-5 (AMD). PL 2003, c. 47, §§1,2 (AMD). PL 2007, c. 276, §1 (AMD). PL 2007, c. 579, §§1, 2 (AMD). PL 2009, c. 532, §1 (AMD). RR 2011, c. 1, §19 (COR). PL 2013, c. 510, §1 (AMD). RR 2017, c. 1, §7 (COR). PL 2017, c. 177, §§1-4 (AMD). PL 2017, c. 209, §1 (AMD). PL 2021, c. 382, §2 (AMD). RR 2021, c. 2, Pt. A, §29 (COR). PL 2023, c. 640, §1 (AMD).