Northwestern Securities Co. v. Nelson

A homestead is “that tract of land which, being within the statutory limitations as to quantity and value, is owned and occupied as a homestead.” Finerty v. *583First Nat. Bank of Duncan, 92 Okla. 102, 218 Pac. 859, 32 A. L. R. 1326. The homestead exemption, under the provisions of sec. 272.20, Stats., also extends to the proceeds derived from the sale of the homestead, to an amount not exceeding $5,000 while held with the intention to procure another homestead therewith, for a period not exceeding two years. The property involved being mortgaged to the plaintiff, the mortgagors merely owned an…