Pennsylvania Act 1990-128 — JUDICIAL CODE (42 PA.C.S.) - AMEND JUDGMENT EXEMPTIONS

Act text

JUDICIAL CODE (42 PA.C.S.) - AMEND JUDGMENT EXEMPTIONS
                 Act of Oct. 12, 1990, P.L. 531, No. 128              Cl. 42
                             Session of 1990
                               No. 1990-128

                                  AN ACT

     SB 1535

     Amending Title 42 (Judiciary and Judicial Procedure) of the
        Pennsylvania Consolidated Statutes, further providing
        judgment exemptions.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Section 8124(b)(1) of Title 42 of the
     Pennsylvania Consolidated Statutes is amended by adding a
     subparagraph to read:
      § 8124.  Exemption of particular property.
        * * *
        (b)  Retirement funds and accounts.45
            (1)  Except as provided in paragraph (2), the following
        money or other property of the judgment debtor shall be
        exempt from attachment or execution on a judgment:
                * * *
                (ix)  Any retirement or annuity fund provided for
            under section 401(a), 403(a) and (b), 408 or 409 of the
            Internal Revenue Code of 1986 (Public Law 99-514, 26
            U.S.C. § 401(a), 403(a) and (b), 408 or 409), the
            appreciation thereon, the income therefrom and the
            benefits or annuity payable thereunder. This subparagraph
            shall not apply to:
                    (A)  Amounts contributed by the debtor to the
                retirement or annuity fund within one year before the
                debtor filed for bankruptcy.
                    (B)  Amounts contributed by the debtor to the
                retirement or annuity fund in excess of $15,000
                within a one-year period.
                    (C)  Amounts deemed to be fraudulent conveyances.
            * * *
        Section 2.  This act shall take effect in 60 days.

     APPROVED--The 12th day of October, A. D. 1990.

     ROBERT P. CASEY