70-32-216. Tracing homestead proceeds. (1) If property or a part of property that could have been claimed as an exempt homestead has been sold or taken by condemnation, as provided in Title 60, chapter 4, or Title 70, chapter 30, or has been lost, damaged, or destroyed and the owner has been indemnified for the property, the owner is entitled for 18 months to exemption of the proceeds that are traceable.
(2) Proceeds are traceable under this section by application of the principles of first-in first-out, last-in first-out, or any other reasonable basis for tracing selected by the judgment debtor.
History: En. Sec. 6, Ch. 302, L. 1987; amd. Sec. 87, Ch. 125, L. 2001.
Structure Montana Code Annotated
Part 2. Homestead Exemption -- Execution
70-32-201. Homestead exempt from execution generally
70-32-202. Execution allowed under certain judgments
70-32-203. Execution under judgments not enumerated -- application required
70-32-204. Application for appraisal -- contents -- filing
70-32-205. Service of petition -- notice of hearing
70-32-206. Appointment of appraisers -- oath
70-32-208. Report of appraisers -- contents
70-32-209. Order dividing land -- execution against remainder over exemption
70-32-210. Sale when land cannot be divided
70-32-212. Application of proceeds of sale
70-32-213. Sale proceeds equal to exemption protected
70-32-214. Compensation of appraisers
70-32-216. Tracing homestead proceeds