John I. Adams & Co. v. Dees

Citations

• 62 Miss. 354

Syllabus

<p>1. Homestead. Sale thereof. Note for purchase-money. Investment of same. Loss of exemption.</p> <p>Where the owner of an exempt homestead sells and removes from the same, and takes the purchaser’s promissory note for the purchase-money, which he subsequently surrenders for a conveyance of the former homestead to his wife, such property may be subjected by a bill in chancery to a judgment against the former owner of the homestead, existing at the time of the sale of the property, just as the note, the consideration of the conveyance to the wife, might have been subjected by a garnishment proceeding.</p> <p>2. Same. Sale thereof. Loss of exemption unaffected by certain facts.</p> <p>And the loss of the exemption, in the circumstances above supposed, would result though connected with the facts that the owner was advised by legal counsel that the note for the purchase-money of his homestead was not subject to the demands of his creditors, that he intended to devote the proceeds of the sale of his homestead to the purchase of another, that he believed the conveyance to his wife would vest the title to the property in her free from the claims of his creditors, and that he was determined to keep within the protection of the exemption law.</p> <p>3. Same. Proceeds of sale thereof — whether exempt.</p> <p>There is no statute in this State which exempts from execution the proceeds of a sale of a homestead, voluntarily made by the exemptionist.</p>