§ 1. Property exempt from attachment, execution or other forced sale--Bankruptcy proceedings
Oklahoma Statutes AnnotatedTitle 31. Homestead and Exemptions
31 Okl.St.Ann. § 1
§ 1. Property exempt from attachment, execution or other forced sale--Bankruptcy proceedings
A. Except as otherwise provided in this title and notwithstanding subsection B of this section, the following property shall be reserved to every person residing in the state, exempt from attachment or execution and every other species of forced sale for the payment of debts, except as herein provided:
14. Guns, not to exceed Two Thousand Dollars ($2,000.00) in aggregate value, that are held primarily for the personal, family or household use of such person or a dependent of such person, provided that nothing in this subsection shall be construed to allow a person to exempt guns which are used mainly as an investment or nonpersonal, family or household use;
20. Subject to the Uniform Fraudulent Transfer Act, Section 112 et seq. of Title 24 of the Oklahoma Statutes, any interest in a retirement plan or arrangement qualified for tax exemption or deferment purposes under present or future Acts of Congress; provided, any transfer or rollover contribution between retirement plans or arrangements which avoids current federal income taxation shall not be deemed a transfer which is fraudulent as to a creditor under the Uniform Fraudulent Transfer Act. “Retirement plan or arrangement qualified for tax exemption purposes” shall include without limitation, trusts, custodial accounts, insurance, annuity contracts and other properties and rights constituting a part thereof. By way of example and not by limitation, retirement plans or arrangements qualified for tax exemption or deferment purposes permitted under present Acts of Congress include defined contribution plans and defined benefit plans as defined under the Internal Revenue Code (“IRC”), individual retirement accounts, individual retirement annuities, simplified employee pension plans, Keogh plans, IRC Section 403(a) annuity plans, IRC Section 403(b) annuities, Roth individual retirement accounts created pursuant to IRC Section 408A, educational individual retirement accounts created pursuant to IRC Section 530 and eligible state deferred compensation plans governed under IRC Section 457. This provision shall be in addition to and not a limitation of any other provision of the Oklahoma Statutes which grants an exemption from attachment or execution and every other species of forced sale for the payment of debts. This provision shall be effective for retirement plans and arrangements in existence on, or created after April 16, 1987;
B. No natural person residing in this state may exempt from the property of the estate in any bankruptcy proceeding the property specified in subsection (d) of Section 522 of the Bankruptcy Reform Act of 1978, Public Law 95-598, 11 U.S.C.A. 101 et seq., except as may otherwise be expressly permitted under this title or other statutes of this state.
Credits
R.L.1910, § 3342; Laws 1915, c. 188, § 1; Laws 1937, p. 8, § 1, emerg. eff. April 10, 1937; Laws 1957, p. 214, § 1, emerg. eff. June 5, 1957; Laws 1977, c. 238, § 1, eff. Oct. 7, 1977; Laws 1978, c. 190, § 6, eff. Oct. 1, 1978; Laws 1980, c. 342, § 1, emerg. eff. June 25, 1980; Laws 1981, c. 118, § 2, eff. Oct. 1, 1981; Laws 1984, c. 78, § 1, emerg. eff. April 3, 1984; Laws 1987, c. 24, § 1, emerg. eff. April 16, 1987; Laws 1998, c. 429, § 11, eff. Nov. 1, 1998; Laws 1999, c. 390, § 1, emerg. eff. June 8, 1999; Laws 2003, c. 152, § 1, emerg. eff. April 28, 2003; Laws 2005, c. 181, § 1.
31 Okl. St. Ann. § 1, OK ST T. 31 § 1
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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