damaged, or destroyed -- Tracing exempt property and proceeds. (1) An individual who owned property described in this Subsection (1) is entitled to an exemption of proceeds that are traceable for one year after the compensation for the property is received if: (a) (i) the property, or a part of the property, could have been claimed exempt under Subsection 78B-5-505(1)(a) or (b); or (ii) the property is personal property subject to a value limitation under Subsection 78B-5-506(1) (a), (b), or (c); and (b) (i) the property has been sold or taken by condemnation; or (ii) (A) the property has been lost, damaged, or destroyed; and (B) the owner has been compensated for the property. (2) The exemption of proceeds under Subsection (1) does not entitle the individual to claim an aggregate exemption in excess of the value limitation otherwise allowable under Section
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