A property owner in rural Pulaski County, Arkansas, owns a 95-acre farm as her primary residence. She has no mortgage but owes $200,000 to a judgment creditor. The farm is appraised at $600,000. The creditor seeks to force a sale of the entire farm. The owner asserts the Arkansas constitutional homestead exemption. Which of the following most accurately describes the legal outcome?
Correct Answer
D) The homestead exemption protects 80 acres of the farm; the creditor may pursue a forced sale of the remaining 15 acres
Under the Arkansas Constitution, Article 9, §§ 3–6, the rural homestead exemption protects up to 80 acres of a primary residence from creditor claims. The owner's farm is 95 acres, which exceeds the 80-acre rural limit by 15 acres. The exemption fully protects 80 acres — including the home and the land within that acreage — from the creditor's forced sale. The remaining 15 acres beyond the 80-acre limit is not protected and may be subject to the creditor's judgment lien. The creditor may seek to partition or sell the excess 15 acres but cannot force a sale of the protected 80-acre homestead.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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