HOUSE BILL NO. 107
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND TITLE 10 OF THE DELAWARE CODE RELATING TO EXECUTIONS AS REGARDS THE DELAWARE COLLEGE INVESTMENT PLAN.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend Chapter 49 of Title 10 of the Delaware Code by adding at the end thereof a new Section 4916 as follows:
"§4916. Exemption of Delaware College Investment Plan Accounts.
(a) In addition to the exemptions provided in §§ 4902 and 4903 of this title, there shall be exempt from execution or attachment process assets held in and proceeds payable under Chapter 5 of Title 13 or from any account established under the Delaware College Investment Plan pursuant to Subchapter X of Chapter 34 of Title 14 (a "Plan Account"). This exemption shall only apply to such amount as does not exceed the total contributions permitted under Section 529(b)(7) of the Internal Revenue Code with respect to any Plan Account.
(b) This section shall not exempt from execution or attachment assets contributed by a debtor to any Plan Account within 365 days to the extent that such assets contributed within said 365 days exceed the greater of (i) $5,000 or (ii) the average annual contribution made by such debtor to such Plan Account for the two calendar years preceding the date of the filing of such execution or attachment or the filing of such petition.
(c) This section shall not exempt from execution or attachment any judgment obtained under § 554 of Title 30. If any portion of this section is held invalid, or is preempted by federal law, in whole or in part, the remaining portions shall remain in effect to the maximum extent permitted by law.".
Approved July 12, 2001