Money held in an account owned by the judgment debtor and established pursuant to the Golden State Scholarshare Trust Act (Article 19 (commencing with Section 69980) of Chapter 2 of Part 42 of Division 5 of Title 3 of the Education Code) is exempt without making a claim, subject to the following limitations:

(a) The amount exempted for contributions to an account during the 365-day period prior to the date of entry of a money judgment, in the aggregate during this period, shall not exceed the amount of the annual gift tax exclusion under Section 2503(b) of the Internal Revenue Code of 1986, as amended, in effect at the time of entry of the money judgment.

Terms Used In California Code of Civil Procedure 704.105

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • debtor: means the debtor from whom the liability is sought to be collected. See California Code of Civil Procedure 688.040
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • State: includes the District of Columbia and the territories when applied to the different parts of the United States, and the words "United States" may include the district and territories. See California Code of Civil Procedure 17

(b) The amount exempted for contributions to an account during the period commencing 730 days prior to and ending 366 days prior to the date of entry of a money judgment, in the aggregate during this period, shall not exceed the amount of the annual gift tax exclusion under Section 2503(b) of the Internal Revenue Code of 1986, as amended, in effect at the time of entry of the money judgment.

(c) For the purposes of this section, “account” includes all accounts having the same beneficiary.

(d) This section is not subject to the requirements of Section 703.150.

(Amended by Stats. 2022, Ch. 25, Sec. 2. (SB 956) Effective January 1, 2023.)

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