Homesteads may be selected and claimed: (a) by any head of a family, of not exceeding Forty Thousand Dollars ($40,000) in actual cash value, over and above all liens and encumbrances on the property at the time of any levy of execution thereon; (b) by any person sixty-five (65) years of age or older, of not exceeding Forty Thousand Dollars ($40,000) in actual cash value, over and above all liens and encumbrances on the property at the time of any levy or execution thereon; or
COL120106
(c) by any other person, of not exceeding Twenty-Five Thousand Dollars ($25,000) in actual cash value, over and above all liens and encumbrances. Any declaration of homestead which has been filed prior to July 1, 1980 shall be deemed to be amended on such date by increasing the value of any property selected and claimed to the value permitted by this Section on such date to the extent that such increase does not impair or defeat the right of any creditor to execute upon the property which existed prior to such date. SOURCE: CC '1260 as R/R by P.L. 15-113:15.