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811
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HARRY HUGHES, Governor
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(I) SECURED BY A FIRST LIEN ON RESIDENTIAL REAL
PROPERTY; OR
(II) MADE FOR A BONA FIDE COMMERCIAL PURPOSE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 10, 1983.
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CHAPTER 175
(House Bill 98)
AN ACT concerning
Bankruptcy - Exemptions
FOR the purpose of altering certain exemptions from execution on
a judgment for individual debtors domiciled in this State
providing that any individual debtor domiciled in this State
may exempt, in addition to other exemptions, up to $2,500 in
value in real property or personal property in a bankruptcy
proceeding under a certain title of the United States Code;
repealing the requirement that a certain exemption be used
by certain persons as a residence; repealing a certain
condition to this exemption; and generally relating to
exemptions in a bankruptcy proceeding.
BY repealing and reenacting, with amendments,
Article - Courts and Judicial Proceedings
Section 11-504
Annotated Code of Maryland
(1980 Replacement Volume and 1982 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
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Article - Courts and Judicial Proceedings
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11-504.
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(a) (1) In this section, the following terms have the
meanings indicated.
(2) "Value" means fair market value as of the date
upon which the execution or other judicial process becomes
effective against the property of the debtor, or the date of
filing the petition under the United States bankruptcy code.
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