(1) Repealed.
(2) Any indebtedness, intangible personal property, or tangible personal property capable of manual delivery, other than earnings, owned by the judgment debtor and in the possession and control of the garnishee at the time of service of the writ of garnishment upon the garnishee shall be subject to the process of garnishment.
(3) Notwithstanding the provisions of subsection (2) of this section, the exemptions from garnishment required or allowed by law, including but not limited to exemptions provided by sections 13-54-102 and 13-54-104 and 15 U.S.C. sec. 1671 et seq., apply to all garnishments.
Source: L. 84: Entire article added, p. 470, § 1, effective January 1, 1985. L. 96: (1) amended, p. 621, § 30, effective July 1. L. 2019: (1) repealed and (3) amended, (HB 19-1189), ch. 214, p. 2224, § 2, effective August 2.
ANNOTATION
Not federally guaranteed student loan. Moneys in student's bank account, which are proceeds of federally guaranteed student loan, are not garnishable pursuant to a judgment based on antecedent business debt of student. Schaerrer v. Westman Comm'n Co., 769 P.2d 1058 (Colo. 1989).
Judgment debtor's right to annual discretionary disbursement of the corpus of a trust is not a garnishable asset. The right to annual disbursement of funds from principal is a power of appointment, and a power of appointment is neither property nor a property right. Univ. Nat'l Bank v. Rhoadarmer, 827 P.2d 561 (Colo. App. 1991).
Foreclosure sale excess proceeds may be garnished. TCF Equip. Fin. v. Pub. Trustee, 2013 COA 8, 297 P.3d 1048.