Rhode Island General Laws 42-7.2-20.8. Creditors
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Notwithstanding any provision of the general or public laws to the contrary, money in the ABLE program shall be exempt from creditor process and shall not be liable to attachment, garnishment, or other process, nor shall it be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability or any contributor or beneficiary; provided, however, that the state of residency of the designated beneficiary of an ABLE account shall be a creditor of such account in the event of the death of the designated beneficiary.
History of Section.
P.L. 2015, ch. 158, § 1; P.L. 2015, ch. 187, § 1.
Terms Used In Rhode Island General Laws 42-7.2-20.8
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor