‘Sec. 1. 36 MRSA §6201, sub-§5, as amended by PL 1995, c. 368, Pt. CCC, §7 and affected by §11, is repealed and the following enacted in its place:
5. Homestead. "Homestead" means the dwelling occupied by the claimant and the claimant's dependents as a home that is:
A. Owned or rented by the claimant. For purposes of this paragraph, "owned" includes a vendee in possession under a land contract and of one or more joint tenants or tenants in common;
B. Held in a revocable living trust for the benefit of the claimant; or
C. Held in a qualified personal residence trust or personal residence trust during the term of the trust established by the settlor for the settlor's primary residence. For purposes of this paragraph, "qualified personal residence trust" and "personal residence trust" have the same meanings as in 26 Code of Federal Regulations, Section 25.2702-5.
For the purposes of this chapter a homestead may consist of a part of a multidwelling or multipurpose building and a part of the land, up to 10 acres, upon which it is built.’