Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Chapter 188 of the General Laws is hereby amended by inserting after section 1 the following section:-
Section 1A. The real property of persons sixty-five years of age or older, regardless of marital status, or of a person who is physically or mentally disabled and as a result of such disability, upon proper proof, is unable to engage in substantial gainful employment, shall be protected against seizure by execution of judgment to the amount of one hundred and fifty thousand dollars; provided, however, that such person has filed an elderly or disabled person declaration of homestead protection at the registry of deeds in the county wherein such person resides, and, provided, further, that the real property is utilized by such person as his principal residence. The following shall be exempt from the provisions of this section: federal, state and local taxes, assessments and liens; first and second mortgages held by financial institutions or others; and any and all debts or contracts incurred prior to the filing of the declaration of if the real property is sold or transferred during any such homeowners' lifetime.