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ND SB2221

Bill

Status

Engrossed

2/24/2015

Primary Sponsor

Jerry Klein

Click for details

Origin

Senate

64th Legislative Assembly

AI Summary

  • Increases North Dakota homestead exemption from $100,000 to $150,000 in value, covering land, dwelling house, appurtenances, and improvements.

  • 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.

  • 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.

  • 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.

  • 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

Committee Referrals

Finance and Taxation2/25/2015
Appropriations2/10/2015
Finance and Taxation1/14/2015

Full Bill Text

No bill text available