Section 2.27 Setting Off the Exempt Homestead and Sale of the Surplus
Library | Creditors' Remedies (2009 Ed. + 2014 Supp) |
7. (§2.27) Setting Off the Exempt Homestead and Sale of the Surplus
When there is a surplus in value of the judgment debtor's equity in the homestead above the amount allowed by statute, a judgment lien attaches to the surplus. White v. Spencer, 117 S.W. 20 (Mo. banc 1909). After the appraisers have determined that the homestead exceeds the statutory value limitation, the judgment lien attaches to the surplus, which may then be subjected to the satisfaction of the judgment. The lien on the excess is effective before levy if judgment lien requirements have been met. A sale by the judgment debtor of the excess before levy subjects the excess transferred to the judgment lien notwithstanding the homestead exemption.
When the appraisers are able to set off the surplus value by severance of part of the land, no particular problem presents itself. The sheriff then proceeds to advertise and sell the surplus at execution sale. When the land and improvements exceed the value allowed as exempt and a...
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- Section 2.1 Introduction
- Section 2.2 Right to Execution
- Section 2.3 Issuance and Direction
- Section 2.4 Form of Request for Issuance of Execution
- Section 2.5 Setting Aside or Quashing Execution
- Section 2.6 Effect of Modification, Vacation, or Reversal of Judgment
- Section 2.7 How Made
- Section 2.8 Personal Property Exempt From Execution
- Section 2.9 Persons Entitled to Exemption Rights
- Section 2.10 Protection and Enforcement of Exemption Rights
- Section 2.11 Form of Notice of Exemptions
- Section 2.12 Claim of Exemption as Head of a Family
- Section 2.13 Delivery Bond
- Section 2.14 Time, Place, and Manner of Sale
- Section 2.15 Form of Notice of Sheriff's Sale
- Section 2.16 Procedure to Assert
- Section 2.17 Form of Notice of Third-Party Claim
- Section 2.18 Generally
- Section 2.19 Priority Between Judgment Creditors
- Section 2.20 Federal Tax Liens
- Section 2.21 What Constitutes a Levy of Real Property
- Section 2.22 Form of Notice of Levy
- Section 2.23 Notice of Issuance of Execution
- Section 2.24 Real Property Exempt From Execution
- Section 2.25 Persons Entitled to Exemption Rights
- Section 2.26 Protection and Enforcement of Exemption Rights
- Section 2.27 Setting Off the Exempt Homestead and Sale of the Surplus
- Section 2.28 Fraudulently Conveyed Property
- Section 2.29 Sale
- Section 2.30 Generally
- Section 2.31 Priority Between Holders of Deeds of Trust
- Section 2.32 Priority Between Judgment Creditors
- Section 2.33 Federal Tax Liens
- Section 2.34 Execution for Possession of Real Property—Writs of Restitution and Possession
- Section 2.35 Judgment Debtor Examination
- Section 2.36 Use Immunity
- Section 2.37 Discovery in Aid of Execution
- Section 2.38 Application of Missouri Law to Discovery Process in Federal Courts Located in Missouri (New Section)
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