40-116. Homestead; protection of surplus after execution sale.
201 words·~1 min read·
/ne/chapter-40/40-116A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the homestead be conveyed by the claimant, or sold for the satisfaction of any lien mentioned in section 40-103 , the proceeds of such sale, beyond the amount necessary to the satisfaction of such lien, and not exceeding the amount of the homestead exemption, shall be entitled, for the period of six months thereafter, to the same protection against legal process and the voluntary disposition of the claimant which the law gives to the homestead. The sale and disposition of one homestead shall not be held to prevent the selection or purchase of another, as provided in sections 40-101 to 40-116 .
Protection accorded to the proceeds of the sale of a homestead applies to property received in exchange for the homestead, not exceeding in value the amount of the exemption. Meyer v. Platt, 137 Neb. 714, 291 N.W. 86 (1940).
Under former law, proceeds arising from sale of homestead, not exceeding two thousand dollars, was protected for period of six months, to same extent as homestead. Corey v. Plummer, 48 Neb. 481, 67 N.W. 445 (1896); Prugh v. Portsmouth Savings Bank, 48 Neb. 414, 67 N.W. 309 (1896); Scheel v. Lackner, 4 Neb. Unof. 221, 93 N.W. 741 (1903).