An Act to increase the amount of exempt proceeds when a homestead is sold or divided by court order.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That § 43-45-3 be AMENDED:

43-45-3. A homestead:

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

(2) In the event such

Except as otherwise provided in this section, if a homestead, as defined and limited in chapter 43-31, is sold under the provisions of pursuant to chapter 21-19, or is sold or by the owner voluntarily, the proceeds of such the sale, not exceeding the sum of sixty one hundred thousand dollars, is are absolutely exempt, as provided for in § 43-45-1, for a period of one year after the receipt of such the 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,:

(1) absence Absence from the homestead and or loss of title to the homestead pursuant to the court order, does not constitute forfeiture of the homestead exemption; and

(2) homestead Homestead protection shall attach attaches 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 For the 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 a decedent who was seventy years or older at death, the proceeds of a sale, up to one hundred seventy thousand dollars, are exempt for one year after receipt of the proceeds by the owner, so long as the homestead continues to possess the character of a homestead up to the date of the sale.