(a) The homestead of any family, or the proceeds thereof, shall be exempt from judicial sale for the satisfaction of any liability hereafter contracted or for the satisfaction of any judgment hereafter obtained on such debt. Such homestead must be the actual abode of and owned by such family or some members thereof. It shall not exceed three hundred thousand dollars in value, nor exceed five acres in extent if not located in a town laid off into blocks or lots, or if located in any such town, then it shall not exceed one-fourth of one acre.
(b) When any officer levies upon such homestead, the owner thereof, or the wife, husband, agent, or attorney of such owner, may notify such officer that he claims such premises as his homestead, describing the same by metes and bounds, lot or block, whereupon such officer shall notify the creditor of such claim, and if such homestead exceeds the maximum in this section, and he deems it of greater value than three hundred thousand dollars, then he may direct the marshal to sell such property and pay to the creditor such amount received in excess of thirty thousand dollars after first defraying the costs.
(c) This section does not apply to decrees for the foreclosure of any mortgage properly executed, but if the owners of the homestead are married, it does apply unless the mortgage is executed by husband and wife.