Citation: Stat. - Utah Code Ann. § 78B-5-507

� 78-23-9. Exemption of proceeds from property sold, taken by condemnation, lost, damaged, or destroyed--Tracing exempt property and proceeds

(1) If property, or a part thereof, that could have been claimed exempt under Subsection 78-23-5(1)(a)(i) or (ii), or personal property subject to a value limitation under Subsection 78-23-8(1)(a), (b), or (c) has been sold or taken by condemnation, or has been lost, damaged, or destroyed and the owner has been compensated therefor, the individual is entitled to an exemption of proceeds that are traceable for one year after the proceeds are received. The exemption of proceeds under this subsection does not entitle the individual to claim an aggregate exemption in excess of the value limitation otherwise allowable under Section 78-23-3 or 78-23-8.

(2) Money or other property exempt under Subsection 78-23-5(1) (a)(iii), (iv), (v), or (vi), or exempt to the extent reasonably necessary for support under Section 78-23-6, remains exempt after its receipt by, and while it is in the possession of, the individual or in any other form into which it is traceable.

(3) 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, last-in last-out, or any other reasonable basis for tracing selected by the individual.