exempt property

exempt property.

1. A debtor’s holdings and possessions that, by law, a creditor cannot attach to satisfy a debt. • All the property that creditors may lawfully reach is known as nonexempt property. Many states provide a homestead exemption that excludes a person’s house and household items, up to a certain amount, from the liens of most creditors. The purpose of the exemption is to prevent debtors from becoming destitute. See HOMESTEAD. Cf. NONEXEMPT PROPERTY. [Cases: Exemptions 1; Homestead 1.]

2. Personal property that a surviving spouse is automatically entitled to receive from the decedent’s estate. [Cases: Executors and Administrators 53. C.J.S. Executors and Administrators § 124.]


专业法律词汇 词条贡献者
资深译员姚坚,毕业于一所培养高级翻译以及跨文化事务专家的精英大学,专注翻译各种与私募资本有关的法律文件。
Scroll to Top