North Carolina Constitution Article X, Homesteads and Exemptions
North Carolina Constitution – Article X: Homesteads and Exemptions – Summary
Article X of the North Carolina Constitution provides for homestead protections and personal property exemptions to safeguard citizens—especially heads of households—from complete financial ruin. These provisions aim to ensure basic economic security and prevent destitution due to debt or financial hardship.
Key Sections and Provisions of Article X:
Section 1 – Personal Property Exemption
Provides an exemption of specific personal property from seizure or sale under execution or court judgment.
The General Assembly is tasked with defining:
What qualifies as exempt personal property.
The monetary value of these exemptions.
These protections apply to every resident of the state.
Section 2 – Homestead Exemption
Establishes a homestead exemption for a person or family.
Protects a certain portion of the value of a home (typically the primary residence) from forced sale to pay off debts.
This exemption cannot be waived except by a written instrument.
The size and value of the homestead protected are defined by state law.
Section 3 – Beneficiaries
Exemptions apply to:
Heads of households (or those acting as such).
Widows, orphans, and other dependent persons.
These provisions are intended to preserve a minimum standard of living.
Section 4 – Waiver of Exemptions
Allows individuals to waive their exemption rights only by voluntary written agreement.
This ensures that people are not tricked or coerced into giving up vital protections.
Purpose and Impact:
Protects basic shelter and essential property from creditors.
Helps stabilize families during financial crises.
Reflects the state’s commitment to dignity and security for all its residents.
RELATED Blog
0 comments