I'm not sure where a valuable painting fits in to levy exemptions, especially regarding a debtor who has leveraged the property. So it sounds like the debtor has a judgment, the creditor wants the painting and the debtor doesn't want to give up the painting. Just as with any judgment/garnishment scenario, The debtor needs to either file a traverse and fight it out in court, or make a deal with the creditor and sign a consent judgment, or file for bankruptcy.
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The answer will probably depend on what state the judgment entered in. For example, in Utah the debtor would need to request a hearing within ten days and then convince the court at the hearing that the property is subject to a lien. The debtor should provide some sort of notice to the secured creditor as well--if they show up claiming a superior interest the court will doubtless find that more persuasive.
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