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Aug. 10th, 2005

I'm confused.

The question is phrased:

The homestead exemption is not available against an execution or forced sale in satisfaction of judgements obtained on debts secured by charge accounts.

I answered true - because its only available against involuntary liens.

The test claims the answer is False

The justification: The statement is FALSE. The homestead exemption is only available against certain involuntary liens.


Maybe I'm missing something? Debts secured by charge accounts would be voluntary, yes? They claim the answer is false..but given the phrasing of the question, wouldn't that mean it -would- be available against judgements obtained on debts secured by charge accounts? Or maybe because its a judgement its involuntary.....and you know, I think I answered my own question. Judgement would imply it -is- involuntary, and that judgement would create a lien. *sigh*

Comments

( 3 comments — Drop A Feather )
skydancer
Aug. 10th, 2005 04:25 pm (UTC)
My understanding:
Charge accounts are not "secured" by anything. If they get a judgement, then--as you figured out--the lien they are able to place is involuntary.

Voluntary liens would be liens you incurred on the property on your own volition--mortgages, having work done to the property on credit secured by a lien, etc.
onyxangel
Aug. 10th, 2005 06:41 pm (UTC)
Ahhh, yes. That makes more sense now. Thank you :)

You sound familar with real estate...are you in the business?
skydancer
Aug. 11th, 2005 03:33 am (UTC)
I'm not in the business, but I've bought and sold several houses.
( 3 comments — Drop A Feather )

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