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S1297................................................by JUDICIARY AND RULES
LIFE ESTATE - Amends existing law to provide that the definition of owner
includes a person who takes property under a life estate; to provide that
the homestead shall end at the termination of the life estate; and to
provide a limitation on liability.
01/24 Senate intro - 1st rdg - to printing
01/25 Rpt prt - to Jud
02/07 Rpt out - rec d/p - to 2nd rdg
02/08 2nd rdg - to 3rd rdg
02/09 3rd rdg - PASSED - 33-0-2
AYES--Andreason, Boatright, Burtenshaw, Cameron, Crow, Danielson,
Darrington, Davis, Deide, Dunklin, Frasure, Geddes, Hawkins, Ingram,
Ipsen, Keough, King-Barrutia, Lee, McLaughlin, Noh, Parry,
Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stegner,
Stennett, Thorne, Wheeler, Whitworth, Williams
NAYS--None
Absent and excused--Branch, Bunderson
Floor Sponsor - Davis
Title apvd - to House
02/10 House intro - 1st rdg - to Jud
03/28 Rpt out - rec d/p - to 2nd rdg
03/29 2nd rdg - to 3rd rdg
04/03 3rd rdg - PASSED - 62-3-5
AYES -- Alltus, Barraclough(Barraclough), Barrett, Bell, Bieter,
Black, Boe, Bruneel, Callister, Campbell, Chase, Cheirrett, Crow,
Deal, Denney, Ellsworth, Field(13), Field(20), Gagner, Geddes, Gould,
Hadley, Hammond, Hansen(23), Henbest, Hornbeck, Jaquet, Judd,
Kempton, Kendell, Kunz, Lake, Linford, Loertscher(Loertscher), Mader,
McKague, Meyer, Montgomery, Mortensen, Moss, Moyle, Pearce, Pischner,
Pomeroy, Reynolds, Ridinger, Ringo, Robison, Sali, Schaefer, Sellman,
Shepherd, Smith, Smylie, Stevenson, Stoicheff, Stone, Taylor, Tilman,
Trail, Wood, Zimmermann
NAYS -- Cuddy, Marley, Wheeler
Absent and excused -- Clark, Hansen(29), Jones, Kellogg, Mr Speaker
Floor Sponsor - Sali
Title apvd - to Senate
04/04 To enrol - rpt enrol - Pres signed
04/05 Sp signed
04/06 To Governor
04/12 Governor signed
Session Law Chapter 226
Effective: 07/01/00
S1297
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE SENATE
SENATE BILL NO. 1297
BY JUDICIARY AND RULES COMMITTEE
1 AN ACT
2 RELATING TO HOMESTEADS; AMENDING SECTION 55-1001, IDAHO CODE, TO PROVIDE THAT
3 THE DEFINITION OF "OWNER" INCLUDES A PERSON WHO TAKES PROPERTY UNDER A
4 LIFE ESTATE; AND AMENDING SECTION 55-1010, IDAHO CODE, TO PROVIDE THAT THE
5 HOMESTEAD SHALL END AT THE TERMINATION OF THE LIFE ESTATE AND TO PROVIDE A
6 LIMITATION ON LIABILITY; AND PROVIDING AN EFFECTIVE DATE.
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. That Section 55-1001, Idaho Code, be, and the same is hereby
9 amended to read as follows:
10 55-1001. DEFINITIONS. For purposes of this chapter:
11 (1) "Dwelling house" and "mobile home" include manufactured housing.
12 (2) "Homestead" means and consists of the dwelling house or the mobile
13 home in which the owner resides or intends to reside, with appurtenant build-
14 ings, and the land on which the same are situated and by which the same are
15 surrounded, or improved; or unimproved land owned with the intention of plac-
16 ing a house or mobile home thereon and residing thereon. A mobile home may be
17 exempted under this chapter whether or not it is permanently affixed to the
18 underlying land and whether or not the mobile home is placed upon a lot owned
19 by the mobile home owner. Property included in the homestead must be actually
20 intended or used as a principal home for the owner.
21 (3) "Net value" means market value less all liens and encumbrances.
22 (4) "Owner" includes, but is not limited to, a purchaser under a deed of
23 trust, mortgage, or contract, or a person who takes the subject property under
24 a life estate.
25 SECTION 2. That Section 55-1010, Idaho Code, be, and the same is hereby
26 amended to read as follows:
27 55-1010. DEVOLUTION AFTER DEATH. If the selection of the homestead was
28 made by a married person from the community property, the land, on the death
29 of either of the spouses, vests in the survivor, subject to no other liability
30 than such as exists or has been created under the provisions of this title; in
31 other cases, upon the death of the person whose property was selected as a
32 homestead, it shall go to his heirs or devisees, subject to the power of the
33 court to assign the same for a limited period to the family of the decedent;
34 but in no case shall it be held liable for the debts of the owner, except as
35 provided in this title or in section 56-218, Idaho Code. If the selection of
36 the homestead was made by a person with a life estate in the property, the
37 homestead shall end at the termination of the life estate, subject to no other
38 liability than the liability that exists or has been created under this title.
39 SECTION 3. This act shall be in full force and effect on and after July
40 1, 2000.
STATEMENT OF PURPOSE
RS 09459
To provide a homestead exemption for life estates in real property.
FISCAL NOTE
No ascertainable fiscal impact is anticipated.
Contact: Senator Bart Davis
Phone 332-1345
STATEMENT OF PURPOSE/ FISCAL NOTE S 1297