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A BILL TO BE ENTITLED
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AN ACT
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relating to personal property that is exempt from garnishment, |
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attachment, execution, or other seizure. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 42, Property Code, is amended by adding |
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Section 42.0023 to read as follows: |
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Sec. 42.0023. ADDITIONAL CASH OR PERSONAL PROPERTY |
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EXEMPTION. In addition to the exemption prescribed by Section |
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42.001, cash or personal property, as selected by the family or |
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single adult, that has an aggregate fair market value of not more |
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than $5,000, exclusive of the amount of any liens, security |
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interests, or other charges encumbering the property, is exempt |
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from garnishment, attachment, execution, or other seizure. |
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SECTION 2. The changes in law made by this Act do not apply |
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to property that is, as of the effective date of this Act, subject |
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to a voluntary bankruptcy proceeding or to a valid claim of a holder |
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of a final judgment who has, by levy, garnishment, or other legal |
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process, obtained rights superior to those that would otherwise be |
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held by a trustee in bankruptcy if a bankruptcy petition were then |
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pending against the debtor. That property is subject to the law as |
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it existed immediately before the effective date of this Act, and |
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the prior law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2011. |