California Code of Civil Procedure 703.050 – (a) The determination whether property is exempt or the amount …
(a) The determination whether property is exempt or the amount of an exemption shall be made by application of the exemption statutes in effect (1) at the time the judgment creditor‘s lien on the property was created or (2) if the judgment creditor’s lien on the property is the latest in a series of overlapping liens created when an earlier lien on the property in favor of the judgment creditor was in effect, at the time the earliest lien in the series of overlapping liens was created.
(b) This section applies to all judgments, whether based upon tort, contract, or other legal theory or cause of action that arose before or after the operative date of this section, and whether the judgment was entered before or after the operative date of this section.
Terms Used In California Code of Civil Procedure 703.050
- Contract: A legal written agreement that becomes binding when signed.
- creditor: means the state or the department or agency of the state seeking to collect the liability. See California Code of Civil Procedure 688.040
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both personal and real property. See California Code of Civil Procedure 17
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(c) Notwithstanding subdivision (a), in the case of a levy of execution, the procedures to be followed in levying upon, selling, or releasing property, claiming, processing, opposing, and determining exemptions, and paying exemption proceeds, shall be governed by the law in effect at the time the levy of execution is made on the property.
(Added by Stats. 1982, Ch. 1364, Sec. 2. Operative July 1, 1983, by Sec. 3 of Ch. 1364.)