Report Title:
Attachment and Execution; Real Property Exemption
Description:
Increases the real property exemption to $650,000 with respect to attachments and executions.
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2006 |
TWENTY-FOURTH LEGISLATURE, 2008 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO ATTACHMENT AND EXECUTION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 651-92, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) Real property shall be exempt from attachment or execution as follows:
(1) An interest in one parcel of real property in the
State of Hawaii of a fair market value not exceeding [$30,000] $650,000
owned by the defendant who is either the head of a family or an individual
sixty-five years of age or older.
(2) An interest in one parcel of real property in the
State of Hawaii of a fair market value not exceeding [$20,000] $650,000
owned by the defendant who is a person.
The fair market value of the interest exempted in paragraphs (1) or (2) shall be determined by appraisal and shall be an interest which is over and above all liens and encumbrances on the real property recorded prior to the lien under which attachment or execution is to be made. Not more than one exemption shall be claimed on any one parcel of real property even though more than one person residing on such real property may otherwise be entitled to an exemption.
Any claim of exemption under this section made
before [May 27, 1976,] July 1, 2008, shall be deemed to be
amended on [May 27, 1976,] July 1, 2008, by increasing the
exemption to the amount permitted by this section on [May 27, 1976,] July
1, 2008, to the extent that such increase does not impair or defeat the
right of any creditor who has executed upon the real property prior to [May
27, 1976.] July 1, 2008."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2008.
INTRODUCED BY: |
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