CHAPTER 235

(HB 1168)

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:

     Section  1.  That § 43-45-3 be amended to read as follows:

     43-45-3.   A homestead:

             (1)      As defined and limited in chapter 43-31, is absolutely exempt; or

             (2)      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 not be limited to thirty one hundred seventy 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
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