78B-5-507. Exemption of proceeds from property sold, taken by condemnation, lost, damaged, or destroyed -- Tracing exempt property and proceeds.
(1) An individual who owned property described in this Subsectionis entitled to an exemption of proceeds that are traceable for one year after the compensation for the property is received if: (1) the property, or a part of the property, could have been claimed exempt under Subsectionor; or 78B-5-505(1)(a) (b) the property is personal property subject to a value limitation under Subsection,, or; and 78B-5-506(1)(a) (b) (c) the property has been sold or taken by condemnation; or the property has been lost, damaged, or destroyed; and the owner has been compensated for the property.
(2) The exemption of proceeds under Subsectiondoes not entitle the individual to claim an aggregate exemption in excess of the value limitation otherwise allowable under Sectionor. (1) 78B-5-503 78B-5-506
(3) Money or other property exempt under Subsection, (d), (e), (f), (g), (m), (n), or (r) remains exempt after receipt by the individual, while in possession of the individual, or in any other form into which the money or property is traceable. 78B-5-505(1)(c)
(4) Money or other property and proceeds exempt under this chapter are traceable under this section by application of: the principle of: first-in first-out; or last-in last-out; or any other reasonable basis for tracing selected by the individual.