| 11 | | - | ENTITLED An Act to increase the amount of exempt proceeds when a homestead is |
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| 12 | | - | sold or divided by court order. |
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| 13 | | - | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: |
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| 14 | | - | Section 1. That § 43-45-3 be AMENDED: |
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| 15 | | - | 43-45-3. A homestead: |
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| 16 | | - | (1) As defined and limited in chapter 43-31, is absolutely exempt; or |
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| 17 | | - | (2) In the event the homestead is sold under the provisions of chapter 21-19, or is |
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| 18 | | - | sold by the owner voluntarily, the proceeds of the sale, not exceeding the sum of |
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| 19 | | - | one hundred thousand dollars, are absolutely exempt for a period of one year after |
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| 20 | | - | the receipt of the proceeds by the owner. If the homestead is divided by court |
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| 21 | | - | order pursuant to § 25-4-44 and a lien is imposed on the homestead for the benefit |
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| 22 | | - | of the nonoccupant spouse pursuant to § 25-4-42, absence from the homestead |
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| 23 | | - | and loss of title to the homestead pursuant to the court order do not constitute |
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| 24 | | - | forfeiture of the homestead exemption, and homestead protection must attach to |
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| 25 | | - | the judicial lien for a period of one year. The exemption is limited to one hundred |
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| 26 | | - | seventy thousand dollars for a homestead of a person seventy years of age or older |
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| 27 | | - | or the unremarried surviving spouse of such person so long as it continues to |
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| 28 | | - | possess the character of a homestead. 25.138.11 2 88 |
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| 29 | | - | SB88 ENROLLED |
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| 30 | | - | An Act to increase the amount of exempt proceeds when a homestead is sold or divided by |
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| 31 | | - | court order. |
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| 12 | + | Introduced by: Senator Pischke |
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| 33 | | - | |
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| 34 | | - | |
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| 35 | | - | |
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| 36 | | - | I certify that the attached Act originated in |
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| 37 | | - | the: |
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| 38 | | - | |
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| 39 | | - | Senate as Bill No. 88 |
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| 40 | | - | |
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| 41 | | - | |
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| 42 | | - | |
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| 43 | | - | Secretary of the Senate |
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| 44 | | - | |
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| 45 | | - | |
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| 46 | | - | |
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| 47 | | - | |
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| 48 | | - | President of the Senate |
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| 49 | | - | |
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| 50 | | - | Attest: |
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| 51 | | - | |
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| 52 | | - | |
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| 53 | | - | |
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| 54 | | - | |
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| 55 | | - | Secretary of the Senate |
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| 56 | | - | |
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| 57 | | - | |
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| 58 | | - | |
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| 59 | | - | |
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| 60 | | - | Speaker of the House |
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| 61 | | - | |
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| 62 | | - | Attest: |
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| 63 | | - | |
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| 64 | | - | |
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| 65 | | - | |
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| 66 | | - | |
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| 67 | | - | |
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| 68 | | - | Chief Clerk |
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| 69 | | - | |
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| 70 | | - | |
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| 71 | | - | |
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| 72 | | - | Senate Bill No. 88 |
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| 73 | | - | File No. ____ |
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| 74 | | - | Chapter No. ______ |
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| 75 | | - | |
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| 76 | | - | |
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| 77 | | - | |
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| 78 | | - | Received at this Executive Office |
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| 79 | | - | this _____ day of _____________, |
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| 80 | | - | |
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| 81 | | - | 2025 at ____________M. |
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| 82 | | - | |
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| 83 | | - | |
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| 84 | | - | |
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| 85 | | - | By |
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| 86 | | - | for the Governor |
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| 87 | | - | |
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| 88 | | - | |
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| 89 | | - | The attached Act is hereby |
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| 90 | | - | approved this ________ day of |
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| 91 | | - | ______________, A.D., 2025 |
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| 92 | | - | |
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| 93 | | - | |
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| 94 | | - | |
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| 95 | | - | |
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| 96 | | - | |
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| 97 | | - | Governor |
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| 98 | | - | |
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| 99 | | - | STATE OF SOUTH DAKOTA , |
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| 100 | | - | ss. |
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| 101 | | - | Office of the Secretary of State |
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| 102 | | - | |
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| 103 | | - | |
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| 104 | | - | Filed ____________, 2025 |
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| 105 | | - | at _________ o'clock __M. |
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| 106 | | - | |
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| 107 | | - | |
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| 108 | | - | |
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| 109 | | - | |
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| 110 | | - | |
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| 111 | | - | Secretary of State |
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| 112 | | - | |
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| 113 | | - | |
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| 114 | | - | |
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| 115 | | - | By |
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| 116 | | - | Asst. Secretary of State |
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| 117 | | - | |
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| 118 | | - | |
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| 14 | + | Underscores indicate new language. |
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| 15 | + | Overstrikes indicate deleted language. |
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| 16 | + | An Act to increase the amount of exempt proceeds when a homestead is sold or 1 |
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| 17 | + | divided by court order. 2 |
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| 18 | + | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3 |
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| 19 | + | Section 1. That § 43-45-3 be AMENDED: 4 |
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| 20 | + | 43-45-3. A homestead: 5 |
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| 21 | + | (1) As defined and limited in chapter 43-31, is absolutely exempt; or 6 |
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| 22 | + | (2) In the event such the homestead is sold under the provisions of chapter 21-19, or 7 |
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| 23 | + | is sold by the owner voluntarily, the proceeds of such the sale, not exceeding the 8 |
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| 24 | + | sum of sixty one hundred thousand dollars, is are absolutely exempt for a period 9 |
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| 25 | + | of one year after the receipt of such the proceeds by the owner. If the homestead 10 |
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| 26 | + | is divided by court order pursuant to § 25-4-44 and a lien is imposed on the 11 |
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| 27 | + | homestead for the benefit of the nonoccupant spouse pursuant to § 25-4-42, 12 |
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| 28 | + | absence from the homestead and loss of title to the homestead pursuant to the 13 |
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| 29 | + | court order, does do not constitute forfeiture of the homestead exemption, and 14 |
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| 30 | + | homestead protection shall must attach to the judicial lien for a period of one year. 15 |
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| 31 | + | Such The exemption shall be is limited to one hundred seventy thousand dollars 16 |
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| 32 | + | for a homestead of a person seventy years of age or older or the unremarried 17 |
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| 33 | + | surviving spouse of such person so long as it continues to possess the character of 18 |
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| 34 | + | a homestead. 19 |
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