Homestead exemption increased for debtors in bankruptcy.
ENTITLED, An Act to
revise the homestead exemption.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
be amended to read as follows:
As defined and limited in chapter 43-31, is absolutely exempt; or
In the event such homestead is sold under the provisions of chapter 21-19, or is sold by
the owner voluntarily, the proceeds of such sale, not exceeding the sum of thirty
thousand dollars, is absolutely exempt for a period of one year after the receipt of such
proceeds by the owner. Such exemption shall
be limited to
thousand dollars for a homestead of a person seventy years of age or older or
the unremarried surviving spouse of such person so long as it continues to possess the
character of a homestead.
Signed February 22, 2005