Prequel to Homestead

Abstract

Homestead exemption laws reflect societal value judgments balancing the free functioning of commercial enterprise against a family's interests in shelter and security. In South Dakota’s history, this tension has been displayed in legislative enactments, judicial reasoning, and even statewide referendums. An examination of the significant events at two ends of this chronology reveals the expression of societal values in law and the dynamics of the pre-statehood origins of homestead laws in the context of competing policies and interests. This article proceeds by outlining the general purposes and sources for homestead laws, followed by a sketch of existing homestead laws under the contemporary statutory framework. Second, the history leading up to the enactment of constitutional homestead protections in South Dakota's 1889 Constitution is considered. This is the first in a series of two articles considering South Dakota's homestead exemption.

Keywords: Homestead, Property, Exemption, Debtor-Creditor, Asset Protection, Economics, Policy

JEL Classification: K11