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BILL AS INTRODUCED 2007-2008

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H.21

Introduced by Representatives Hosford of Waitsfield, Grad of Moretown, Marek of Newfane and McFaun of Barre Town

Referred to Committee on

Date:

Subject:  Court procedure; attachment and execution; homestead exemption  

Statement of purpose:  This bill proposes to increase from $75,000.00 to $180,000.00 the amount of a person’s homestead which is exempt from attachment and execution.

AN ACT RELATING TO INCREASING THE HOMESTEAD EXEMPTION

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  27 V.S.A. § 101 is amended to read:

§ 101.  DEFINITION; EXEMPTION FROM ATTACHMENT AND EXECUTION

The homestead of a natural person consisting of a dwelling house, outbuildings, and the land used in connection therewith, not exceeding $75,000.00 $180,000.00 in value, and owned and used or kept by such person as a homestead together with the rents, issues, profits, and products thereof, shall be exempt from attachment and execution except as hereinafter provided.

Sec. 2.  27 V.S.A. § 102 is amended to read:

§ 102.  DESIGNATING HOMESTEAD IN CASE OF LEVY

When an execution is levied upon real estate of the person of which a homestead is a part or upon that part of a homestead in excess of the limitation of $75,000.00 $180,000.00 in value, that person may designate and choose the part thereof, not exceeding the limited value, to which the exemption created in section 101 of this title shall apply.  Upon designation and choice or refusal to designate or choose, the officer levying the execution, if the parties fail to agree upon appraisers, shall appoint three disinterested freeholders of the vicinity who shall be sworn by him or her and who shall fix the location and boundaries of the homestead to the amount of $75,000.00 $180,000.00 in value.  The officer shall then proceed with the sale of the residue of the real estate on the execution as in other cases, and the doings in respect to the homestead shall be stated in the return upon the execution.

Sec. 3.  27 V.S.A. § 145 is amended to read:

§ 145.  EFFECT OF SPOUSE JOINING IN MORTGAGE

If the homestead or lands included therein are mortgaged by the joint deed of husband and wife, the joining of the wife or husband in the mortgage shall have no other effect than to bar her or his claim to the homestead as against the mortgage.  If the mortgage includes lands other than the homestead, and the owner thereof dies, the other lands shall be first sold by the executor or administrator and applied on the mortgage and the residue only shall rest on the homestead.  When the probate court orders the whole to be sold, the balance of the proceeds after the payment of the mortgage, not exceeding $75,000.00 $180,000.00 shall be under the control of the probate court as in case of the sale of a homestead under this chapter.

Sec. 4.  27 V.S.A. § 182 is amended to read:

§ 182.  APPLICATION TO SUPERIOR COURT FOR RELIEF

When a dwelling house, outbuildings, and lands in which a homestead right exists, exceed in value $75,000.00 $180,000.00, and a severance of the homestead would greatly depreciate the value of the residue of the premises or be of great inconvenience to the parties interested either in the residue or in the homestead, either party may apply for relief to the superior court by a complaint setting forth the facts.

Sec. 5.  27 V.S.A. § 183 is amended to read:

§ 183.  TRANSFER OR SALE IN LIEU OF SEVERANCE

When it appears upon hearing that such homestead cannot be occupied in severalty without great inconvenience to the parties interested therein or in such residue, the court may order such homestead to be transferred to such other parties and the payment of $75,000.00 $180,000.00 to the owner thereof, or, at the option of the owner, such court may order the parties to transfer such residue to him or her and order him or her thereupon to pay such other parties the value thereof to be fixed by the court.  If the case requires, the court may order a sale of the whole premises and apportion the proceeds between the parties and the court may make such orders in the premises as are equitable.  If such homestead is sold, the court may control the investment of the proceeds of the sale in a new homestead or make such disposition thereof as equity requires.

Sec. 6.  12 V.S.A. § 2794 is amended to read:

§ 2794.  EXECUTION UPON REAL ESTATE; HOMESTEAD A PART

When an execution is levied upon real estate of which the debtor’s homestead is a part or upon that part of a homestead in excess of $75,000.00 $180,000.00 in value, the location and boundaries of the homestead shall be ascertained before the sale and set out in the manner provided for the levy of execution upon real estate whereof a homestead forms a part.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us