Rhode Island General Laws 7-8-25. Exemption of holdings from attachment
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The holdings of any member of an association, to the extent of the minimum amount necessary for membership, but not to exceed fifty dollars ($50.00), is exempt from attachment, execution, or garnishment for the debts of the owner.
History of Section.
P.L. 1947, ch. 1976, § 21; G.L. 1956, § 7-8-25.
Terms Used In Rhode Island General Laws 7-8-25
- Association: means any corporation formed under this chapter. See Rhode Island General Laws 7-8-2
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
- Member: means not only a member in a nonshare association but also a member in a share association. See Rhode Island General Laws 7-8-2
- Membership: means , in the case of a share association, the status whereby a shareholder becomes entitled to all the rights, including, but not limited to, the right of voting and of receiving dividends on shares, and apportionment of net savings in cash, which accrue to him or her under the articles of association and bylaws upon the acquisition of the minimum number of shares of stock required by the articles of association for membership and upon fulfillment of the eligibility requirements of the association. See Rhode Island General Laws 7-8-2