business homestead
The premises on which a family’s business is located. • In some states, business homesteads are exempt from execution or judicial sale for most kinds of debt. [Cases: Homestead 36.]
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homestead
homestead. 1. The house, outbuildings, and adjoining land owned and occupied by a person or family as a residence. • As long as the homestead does not exceed in area or value the limits fixed by law, in most states it is exempt from forced sale for collection of a debt. — Also termed homestead