43-45-3. Homestead absolutely exempt--Extent of exemption when homestead sold or divided by court order. 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 sixty thousand dollars, is absolutely exempt for a period of one year after the receipt of such proceeds by the owner. If the homestead is divided by court order pursuant to § 25-4-44 and a lien is imposed on the homestead for the benefit of the nonoccupant spouse pursuant to § 25-4-42, absence from the homestead and loss of title to the homestead pursuant to the court order, does not constitute forfeiture of the homestead exemption and homestead protection shall attach to the judicial lien for a period of one year. Such exemption shall be limited to 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.Source: CCivP 1877, § 323, subdiv 7; CL 1887, § 5127, subdiv 7; SL 1890, ch 86, § 1; RCCivP 1903, § 345, subdiv 7; RC 1919, § 2658 (7); SDC 1939, § 51.1802; SL 1957, ch 267, § 1; SL 1966, ch 153; SL 1978, ch 156, § 8; SL 1980, ch 296, § 3; SL 2005, ch 235, § 1; SL 2009, ch 224, § 1; SL 2015, ch 223, § 4.
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