homestead law

homestead law. A statute exempting a homestead from execution or judicial sale for debt, unless all owners, usu. a husband and wife, have jointly mortgaged the property or otherwise subjected it to creditors’ claims.

— Also termed homestead exemption; homestead-exemption statute; homestead right. [Cases: Homestead 1, 118.]

“Almost all states also have legislative provisions, commonly referred to as homestead laws, designed to protect the family home from the reach of certain classes of creditors…. The protection afforded by an exemption statute is not absolute. A federal tax claim may be satisfied from ‘exempt property.’ A number of states make similar exceptions for state taxes, claims for alimony and child support, materialmen and mechanics’ liens. By statute in most states, case law in others, purchase money mortgages and security interests are generally not affected by an exemption statute.” David G. Epstein & Steve H. Nickles, Consumer Law in a Nutshell 384–85 (2d ed. 1981).

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词条贡献者

资深译员Sheldon，毕业于亚洲顶尖的高级翻译学院，擅长翻译有关零售和消费品领域的法律文件。