(1) The following proceeds are exempt from execution or attachment for a period of three years after receipt if the person entitled to the exemption keeps the exempted proceeds separate and apart from other money so that the proceeds may be always identified: (a) The proceeds from the exempt amount under this part 2, in the event the property is sold by the owner; (b) The proceeds from a sale of homestead property under section 38-41-206 paid to the owner of the property or person entitled to the homestead; or (c) The proceeds from insurance covering destruction of homestead property held for use in restoring or replacing the homestead property, up to the amount specified in this section. (2) If the person receiving the proceeds uses the proceeds in the acquisition of other property for a home, the same homestead exemption to which the owner was entitled on the property sold carries over to the new property. The homestead exemption is not valid against a person entitled to a vendor's lien or the holder of a purchase money mortgage against the new property.
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