21-19-29 Sale of homestead--Disposition of proceeds--Postponement of sale to permit payment by debt...
Sale of homestead--Disposition of proceeds--Postponement of sale to permit
payment by debtor.
If the levy is upon execution, the order shall direct a sale in accordance with this
section. If the levy is not upon execution, the order shall provide that if and when execution issues,
that such sale shall be made. Such sale shall be of the entire homestead, provided the price offered
at such sale exceeds the sum of the homestead exemption set by subdivision 43-45-3(2) plus the
costs of sale for the equity of the debtor, and from the purchase price, the officer must pay the
amount of such homestead exemption to the debtor, the balance of the sale price to be distributed
as provided by law as to execution sales of nonexempt real estate. The order must further provide
unless waived by the debtor that sale of the homestead be not had for sixty days, and that at any time
prior to the sale the debtor may, at his option, pay to the officer the surplus of the determined
valuation of said homestead over and above such homestead exemption plus all encumbrances.
Source: SL 1890, ch 86, § 1; RCCivP 1903, § 345; RC 1919, § 2658; SDC 1939, § 37.4909; SL
1957, ch 186, § 3; SL 1977, ch 185, § 3; SL 1978, ch 156, § 3.