Minnesota Session Laws - 1988, Regular Session

  

                         Laws of Minnesota 1988 

                        CHAPTER 490-H.F.No. 2422 
           An act relating to agriculture; clarifying certain 
          exemptions; specifying property exempt from final 
          process issued by a court; modifying the exemption for 
          employee benefits; amending Minnesota Statutes 1986, 
          sections 323.24; and 550.37, subdivisions 5, 18, and 
          24. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1986, section 323.24, is 
amended to read: 
    323.24 [NATURE OF A PARTNER'S RIGHT IN SPECIFIC PARTNERSHIP 
PROPERTY.] 
    A partner is coowner with the other partners of specific 
partnership property holding as a tenant in partnership. 
    The incidents of this tenancy are such that: 
    (1) A partner, subject to the provisions of this chapter 
and to any agreement between the partners, has an equal right 
with the other partners to possess specific partnership property 
for partnership purposes; but has no right to possess such 
property for any other purpose without the consent of the other 
partners; 
    (2) A partner's right in specific partnership property is 
not assignable except in connection with the assignment of the 
rights of all the partners in the same property; 
    (3) A partner's right in specific partnership property is 
not subject to attachment, garnishment or execution, except on a 
claim against the partnership; when partnership property is 
attached for a partnership debt the partners, or any of them, or 
the representatives of a deceased partner, cannot claim any 
right under the homestead or exemption laws, except as 
specifically authorized under exemption laws; 
    (4) On the death of a partner that partner's right in 
specific partnership property vests in the surviving partner or 
partners, except where the deceased was the last surviving 
partner, when the deceased's right in such property vests in the 
deceased's legal representative; such surviving partner or 
partners, or the legal representative of the last surviving 
partner, has no right to possess the partnership property for 
any but a partnership purpose; and 
    (5) A partner's right in specific partnership property is 
not subject to dower, curtesy, the statutory interest of a 
surviving spouse, or allowances to a surviving spouse, heirs or 
next of kin. 
    Sec. 2.  Minnesota Statutes 1986, section 550.37, 
subdivision 5, is amended to read: 
    Subd. 5.  Farm machines and implements used in farming 
operations by a debtor engaged principally in farming, 
livestock, farm produce, and standing crops, not exceeding 
$10,000 in value.  When a debtor is a partnership of spouses or 
a partnership of natural persons related to each other within 
the third degree of kindred according to the rules of the civil 
law, for the purposes of the exemption in this subdivision, the 
partners may elect to treat the assets of the partnership as 
assets of the individual partners. 
     Sec. 3.  Minnesota Statutes 1986, section 550.37, 
subdivision 18, is amended to read:  
    Subd. 18.  The exemptions provided for in subdivisions 3 to 
15 extend only to debtors who are natural persons except as 
provided in subdivision 5 for partnerships. 
    Sec. 4.  Minnesota Statutes 1986, section 550.37, 
subdivision 24, is amended to read:  
    Subd. 24.  [EMPLOYEE BENEFITS.] The debtor's right to 
receive present or future payments, or payments received by the 
debtor, under a stock bonus, pension, profit sharing, annuity, 
individual retirement account, individual retirement annuity, 
simplified employee pension, or similar plan or contract on 
account of illness, disability, death, age, or length of 
service, to the extent reasonably necessary for the support of 
the debtor and any dependent of the debtor. 
     Sec. 5.  [EFFECTIVE DATE.] 
    This act is effective the day following final enactment. 
    Approved April 12, 1988