Tennessee § 26-2-103 - Personal property selectively exempt from seizure; exception.

§ 26-2-103. Personal property selectively exempt from seizure; exception.

Personal property to the aggregate value of ten thousand dollars ($10,000) debtor's equity interest shall be exempt from execution, seizure or attachment in the hands or possession of any person who is a bona fide citizen permanently residing in Tennessee, and such person shall be entitled to this exemption without regard to the debtor's vocation or pursuit or to the ownership of the debtor's abode. Such person may select for exemption the items of the owned and possessed personal property, including money and funds on deposit with a bank or other financial institution, up to the aggregate value of ten thousand dollars ($10,000) debtor's equity interest. An item shall not be eligible, in whole or in part, for the personal property exemption provided by this part, if the item has been purchased with or maintained by fraudulently obtained funds or if ownership of the item has been maintained using fraudulently obtained funds. A court shall be required to find by a preponderance of the evidence that an item was purchased with or maintained by funds obtained by defrauding another person or that ownership of an item was maintained by funds obtained by defrauding another person in order to disqualify the item from eligibility for the personal property exemption. Acts 1978, ch. 915, § 3; 1980, ch. 919, § 2; T.C.A., § 26-202, T.C.A., § 26-2-102 ; Acts 2010, ch. 787, § 1; 2014, ch. 803, § 1. Compiler's Notes. Former § 26-2-103 , concerning absolute exemption of additional personal property, was transferred to § 26-2-104 in 2000. Textbooks. Pritchard on Wills and Administration of Estates (4th ed., Phillips and Robinson), § 956. Tennessee Jurisprudence, 4 Tenn. Juris., Bankruptcy, §§ 26, 31; 13 Tenn. Juris., Exemptions From Execution and Attachment, §§ 2, 11, 12; 18 Tenn. Juris., Liens, § 7. Law Reviews. A Review of Tennessee Exemptions in Light of the Bankruptcy Code (Jennie D. Latta), 28 No. 5 Tenn. B.J. 35 (1992). A Second Look at the Proposed Uniform Bankruptcy Exemptions: Tennessee as an Example (The Honorable William Houston Brown, Lawrence Ponoroff), 28 U. Mem. L. Rev. 647 (1998). Enforcing Money Judgments in Tennessee (Lonnie C. Rich), 4 Mem. St. U.L. Rev. 65. Exempt Property in Tennessee under the Bankruptcy Code (Thomas E. Ray), 18 No. 2 Tenn. B.J. 7 (1982). Tennessee's Bankruptcy Exemptions are Valid: Rhodes v. Stewart (Bruce D. Fisher), 19-No. 4 Tenn. B.J. 7 (1983).