Text: SF00507 Text: SF00509 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 561.1, Code 2001, is amended by adding
1 2 the following new unnumbered paragraph:
1 3 NEW UNNUMBERED PARAGRAPH. For purposes of this chapter, if
1 4 a home is owned by a family farm corporation, family farm
1 5 limited liability company, or family farm limited partnership,
1 6 as each is defined in section 9H.1, the individual using the
1 7 property as a home shall be considered the owner.
1 8 Sec. 2. Section 561.22, Code 2001, is amended to read as
1 9 follows:
1 10 561.22 WAIVER.
1 11 If a homestead exemption waiver is contained in a written
1 12 contract affecting agricultural land as defined in section
1 13 9H.1, or dwellings, buildings, or other appurtenances located
1 14 on the land, the contract must contain a statement in
1 15 substantially the following form, in boldface type of a
1 16 minimum size of ten points, and be signed and dated by the
1 17 person waiving the exemption at the time of the execution of
1 18 the contract: "I understand that homestead property is in
1 19 many cases protected from the claims of creditors, mortgage
1 20 holders, and lienholders, and exempt from judicial sale; and
1 21 that by signing this contract, I voluntarily give up my right
1 22 to this protection for this property with respect to claims
1 23 based upon this contract." A principal or deputy state,
1 24 county, or city officer shall not be required to waive the
1 25 officer's homestead exemption in order to be bonded as
1 26 required pursuant to chapter 64.
1 27 EXPLANATION
1 28 This bill expands the definition of "homestead" for
1 29 purposes of the protection against claims of creditors and
1 30 exemption from judicial sale. The homestead includes a home
1 31 owned by a family farm corporation, family farm limited
1 32 liability company, or family farm limited partnership which is
1 33 occupied by an individual as that person's home.
1 34 The bill also extends the homestead exemption waiver to
1 35 include mortgage holders and lienholders.
2 1 LSB 2978SS 79
2 2 mg/pj/5
Text: SF00507 Text: SF00509 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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