HB 732

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AN ACT

RELATING TO ACTIONS AFFECTING PROPERTY; INCREASING THE

HOMESTEAD EXEMPTION AND THE PROPERTY EXEMPTION IN LIEU OF THE

HOMESTEAD EXEMPTION; RECONCILING CONFLICTING AMENDMENTS TO THE

SAME SECTION OF LAW IN LAWS 1979.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 42-10-9 NMSA 1978 (being Laws 1971,

Chapter 215, Section 6, as amended) is amended to read:

"42-10-9. HOMESTEAD EXEMPTION.--Each person shall have

exempt a homestead in a dwelling house and land occupied by

the person or in a dwelling house occupied by the person

although the dwelling is on land owned by another, provided

that the dwelling is owned, leased or being purchased by the

person claiming the exemption. Such a person has a homestead

of sixty thousand dollars ($60,000) exempt from attachment,

execution or foreclosure by a judgment creditor and from any

proceeding of receivers or trustees in insolvency proceedings

and from executors or administrators in probate. If the

homestead is owned jointly by two persons, each joint owner is

entitled to an exemption of sixty thousand dollars ($60,000)."

Section 2. Section 42-10-10 NMSA 1978 (being Laws 1971,

Chapter 215, Section 7, as amended by Laws 1979, Chapter 9,

Section 2 and also by Laws 1979, Chapter 182, Section 4) is

amended to read:

"42-10-10. EXEMPTION IN LIEU OF HOMESTEAD.--

A. Any resident of this state who does not own a

homestead shall in addition to other exemptions hold exempt

real or personal property in the amount of five thousand

dollars ($5,000) in lieu of the homestead exemption.

B. If the resident does not own a homestead, the

sheriff or any other person or officer seeking to attach,

execute or foreclose by judgment on property shall provide the

resident with written notification of the resident's right to

exemption in lieu of homestead as described in Subsection A of

this section, together with a simple form by which the

resident may designate that the resident is aware of the

exemption and does or does not desire to claim the exemption.

If the resident refuses to make the election provided for in

this section, the sheriff, other person or officer shall

proceed to attach, execute or foreclose on the resident's

property. If the resident claims the exemption in lieu of

homestead, the sheriff, other person or officer making

attachment, execution or foreclosure by judgment shall file as

part of the return a description, including the resident's

stated value, of the property claimed as exempt, bearing the

resident's signature witnessed by the sheriff, other person or

officer seeking to attach, execute or foreclose."

HB 732

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