Section 34-55-10-9 - Personal and real property claimed as exemption; procedure(a) If the value of a debtor's interest in property for which an exemption is claimed exceeds the amount of the exemption, the property may be sold. However, the debtor must be paid an amount equal to the debtor's exemption in the property from the proceeds of the sale.(b) In making the sale under subsection (a), the officer may not accept a bid unless the bid exceeds the exempt value of the property. If indebtedness secured by a valid lien is chargeable against the proceeds of the sale, a bid may not be accepted if the bid is less than the sum of the amount of the indebtedness secured by the lien and the exempt value of the property.Pre-1998 Recodification Citation: 34-2-28-8.
As added by P.L. 1-1998, SEC.51. Amended by P.L. 179-2005, SEC.17.