§ 85-3-37. Allotment of homestead; premises not capable of division.
153 words·~1 min read·
/ms/title-85-debtor-creditor-relationship/chapter-3-exempt-property/85-3-37·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the premises be not capable of being so divided as to set off the debtor a part, including the dwelling house and not exceeding Seventy-five Thousand Dollars ($75,000.00) in value, inclusive of improvements, or if the debtor has made a valid homestead declaration, and the homestead exceeds Seventy-five Thousand Dollars ($75,000.00) in value, the householders or freeholders shall value the land, inclusive of the dwelling house and buildings; and if the surplus of the valuation, over and above the exempt value, shall, within sixty
(60)days, be paid by the execution-debtor, the premises shall not be sold; but if the surplus be not paid within sixty
(60)days after the valuation, the officer may advertise and sell the premises, if the same shall bring a greater sum than the exempt value; and out of the proceeds of the sale he shall pay to the execution-debtor the sum of Seventy-five Thousand Dollars ($75,000.00).