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ND SB2221
Bill
Status
2/24/2015
Primary Sponsor
Jerry Klein
Click for details
AI Summary
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Increases North Dakota homestead exemption from $100,000 to $150,000 in value, covering land, dwelling house, appurtenances, and improvements.
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Defines "contiguous" for homestead purposes as two or more tracts of real property that share a common point or would share one but for an intervening road or right of way.
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Modifies exemption on other debts to apply when homestead value exceeds $150,000 over liens or encumbrances, with exemption limited to value exceeding the sum of liens, encumbrances, and $150,000.
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Requires that when a homestead is sold, proceeds up to the $150,000 exemption amount be paid to the claimant, with remaining proceeds applied to satisfy execution.
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Allows courts to deposit $150,000 of sale proceeds in court for married couples, requiring joint receipt of both spouses for withdrawal and providing same legal protections as the original homestead.
Legislative Description
The homestead exemption, when the homestead is subject to exemption, and exempt proceeds of sale.
Last Action
Second reading, failed to pass, yeas 28 nays 63
3/26/2015