SEC. 85-3-27. Homestead declaration; effect.
The declaration, for not more than one hundred sixty (160) acres, and not exceeding in value Seventy-five Thousand Dollars ($75,000.00); or, if the homestead be in a city, town or village, not exceeding in value Seventy-five Thousand Dollars ($75,000.00) after being filed for record, shall be notice to all persons to be affected thereby; and shall bind the exemptionist, the spouse of the exemptionist if the exemptionist be married, and the creditors of the exemptionist until the exemptionist shall execute and file a new declaration which shall nullify the preceding one, and otherwise have like effect; and shall moreover entitle the exemptionist thereafter to hold the same as exempt to the extent of such value; but subject to contest and legal designation or allotment, if the exemptionist had declared for too much, or has insufficiently or improperly described the premises; and to contest by creditors on the ground that the exemptionist was not entitled to a homestead, and by the spouse of the exemptionist on the ground that it was intended to defraud or circumvent such spouse.
SOURCES: Codes, 1892, Sec. 1973; 1906, Sec. 2149; Hemingway's 1917, Sec. 1824; 1930, Sec. 1768; 1942, Sec. 320; Laws, 1966, ch. 622, Sec. 1; 1970, ch. 323, Sec. 3; 1979, ch. 447, Sec. 3; 1991, ch. 479, Sec. 3; eff from and after July 1, 1991.