(b) The complaint in an action described in subsection (a) must state the following:
        (1) The ownership of the real estate.
        (2) The existence of a judgment against the real estate.
        (3) The right of the owner to claim the real estate exempt from sale on execution.
    (c) In an action described in subsection (a), the title to the real estate may be quieted against a judgment whether the householder has executed the judgment or has filed a schedule claiming an exemption from sale on execution if the court finds that the owner’s interest, in value, of the real estate does not at the time of the hearing exceed any mortgages, tax, or assessment on the real estate by more than seven hundred dollars ($700).
As added by P.L.2-2002, SEC.15.