Tennessee § 30-2-209 - Assignment out of sale proceeds.

§ 30-2-209. Assignment out of sale proceeds.

If real estate is so situated that homestead cannot be set apart, as provided in this part, then the realty shall be sold and five thousand dollars ($5,000) of the proceeds invested in real estate, under the direction of the court having jurisdiction to be held as homestead subject to the law governing homestead, or if the court deems it more desirable and practical, it may order the payment of five thousand dollars ($5,000) in cash or other personal property outright and in fee to the surviving spouse, if any, otherwise to the minor children, if any, in lieu of all other homestead rights in the realty of the deceased. Acts 1873, ch. 98, § 1; Shan., §§ 3808, 4145; mod. Code 1932, §§ 7729, 8357; impl. am. Acts 1933, ch. 72, § 1; C. Supp. 1950, § 7729; Acts 1976, ch. 529, § 16; 1979, ch. 61, § 9; T.C.A. (orig. ed.), § 30-912; Acts 1985, ch. 140, § 11. Cross-References. Extent and limitation of exemption, § 26-2-306 . Textbooks. Gibson's Suits in Chancery (7th ed., Inman), § 496. Pritchard on Wills and Administration of Estates (4th ed., Phillips and Robinson), §§ 654, 1078. Tennessee Forms (Robinson, Ramsey and Harwell), Nos. 4-1102, 4-1110. Law Reviews. Non-Tax Aspects of Estate Planning (Ronald Lee Gilman), 2 Mem. St. U.L. Rev. 41 (1972). Rights of Creditors in Insurance — The Tennessee Exemption Statutes (Paul J. Hartman), 5 Vand. L. Rev. 760 (1952). Tennessee Law and Equal Rights Amendment: Property Law, Employment Relations and Juries, 3 Mem. St. U.L. Rev. 327 (1973).