HOMESTEAD. (=Hurd, 1067.=) The farm or lot of land and buildings thereon of every householder having a family, occupied as a residence, to the extent in value of one thousand dollars is exempt. The exemption continues after the death of the householder to the surviving husband or wife so long as he or she occupies the homestead, and to the children until the youngest becomes twenty-one years of age. But such property is subject to taxes and debts incurred for its purchase or improvement. In case the premises are worth more than one thousand dollars, and can be divided without injury, a portion thereof, including the dwelling house, of the value of one thousand dollars, is set off, and the remainder is subject to execution and sale. If the premises cannot be divided the property is valued by appraisers, and the debtor may pay the surplus over one thousand dollars; otherwise the property may be sold, and the officer having the execution pays one thousand dollars to the debtor and the remainder is applied in satisfaction of the creditor's claim. Substantially the same thing can be done by a court of chancery in a proceeding to foreclose a lien. Insurance money in case of fire, is exempt to the same extent as the property insured. Upon a conveyance of the homestead the exemption continues to the grantee to the same extent. The proceeds from such sale, not over one thousand dollars, are exempt for one year, and may be invested in another homestead. The homestead right of exemption by abandonment, may be extinguished by a conveyance by both husband and wife, properly acknowledged by abandonment, or, in case of right in children, by order of court of competent jurisdiction.