§ 42-10-1 — Exemptions

New Mexico § 42-10-1

• Jurisdiction: New Mexico
• Ch. 42: Actions and Proceedings Relating to Property
• Art. 10: Exemptions

Text

A. The following shall be exempt from receivers or trustees in bankruptcy or other insolvency proceedings, fines, attachment, execution, garnishment, levy or foreclosure by a judgment creditor: (1) a person's aggregate interest in household goods and furnishings, not exceeding a value of seventy-five thousand dollars ($75,000); (2) a person's aggregate interest in motor vehicles, not exceeding ten thousand dollars ($10,000) in value; (3) a person's interest in a wedding band and an engagement ring and a person's interest in additional jewelry held primarily for the use of the person, the person's spouse or any dependent of the person, not exceeding five thousand dollars ($5,000) in the aggregate for this additional jewelry; (4) works of art or artwork of the person or any relative of the person, not exceeding a value of two thousand five hundred dollars ($2,500) in the aggregate; (5) tools, equipment, implements, professional books, instruments, inventory, supplies and materials reasonably necessary for use in the person's trade, profession, business or occupation, or that of the person's spouse, not exceeding fifteen thousand dollars ($15,000) in the aggregate; (6) the person's right to receive: (a) social security benefits; (b) veteran's benefits; (c) disability, illness, unemployment or workers' compensation benefits; (d) public benefits such as medicaid, medicare, food stamps or other aid from a government public assistance program; (e) alimony, family or domestic support or separate maintenance to the extent reasonably necessary for the support of the person or any dependent of the person; and (f) payment pursuant to a stock bonus, pension, profit-sharing individual retirement account, annuity or similar plan or contract on account of illness, disability, death or length of service, to the extent reasonably necessary for the support of the person or any dependent of the person, unless such plan or contract does not qualify pursuant to Section 401(a), 403(a), 403(b) or 408 of the Internal Revenue Code of 1986; (7) refundable federal and state tax credits; (8) exempt wages as defined by Section 35-12-7 NMSA 1978; (9) any stimulus payment held by or payable to the person or the person's dependents in any form; (10) an interest in or proceeds from a pension, individual retirement account, annuity, profit-sharing plan and any other retirement account; (11) an individual retirement account that would qualify for tax exemptions under 26 U.S.C. 408 or any similar individual retirement account; (12) an educational savings account that would qualify for tax exemptions under 26 U.S.C. 529 or any similar educational savings account; (13) a health savings account that would qualify for tax exemptions under 26 U.S.C. 223 or any similar health savings account; and (14) a person's aggregate interest, not exceeding fifteen thousand dollars ($15,000), in any personal property, tangible or intangible, not otherwise specified in this subsection, including any deposits in financial or investments accounts or personal property that exceeds the monetary limits set forth in this section; provided that for an individual or sole proprietor who is a defendant in any action except a bankruptcy action, the maximum cumulative amount that a defendant may claim as exempt in a depository or investment account is two thousand four hundred dollars ($2,400), plus any money derived from the sources set forth in Paragraphs (6) through (11) of this subsection. B. As used in this section, "household goods and furnishings" means items primarily used by or for the support and maintenance of the household of the person or the person's spouse, family and dependents, including: (1) furniture; (2) appliances such as a refrigerator, stove, oven, freezer, clothes washer, clothes dryer, dishwasher, microwave, coffee maker, toaster and vacuum cleaner; (3) clothing and personal effects; (4) electronic equipment such as televisions, radios, cellular telephones, computers, computer equipment, digital or compact disc players and other electronic consumer devices; (5) medical equipment, supplies and professionally prescribed health aids reasonably necessary for the care and support of the person or any dependent of the person; (6) musical instruments, not exceeding four thousand dollars ($4,000) in the aggregate; (7) toys, games, sports, hobby and craft equipment, materials and supplies, not exceeding two thousand five hundred dollars ($2,500) in the aggregate; (8) books; and (9) two firearms. C. Property exempted pursuant to the provisions of this section shall be valued at the property's fair market value.

Legislative History

1953 Comp., § 24-5-1, enacted by Laws 1971, ch. 215, § 1; 1979, ch. 182, § 1;