HB673 Alabama 2012 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2012
Title
Real property, period of redemption reduced, exceptions, apply to sales pursuant to an executive, judgment, or foreclosure on and after September 1, 2012, prohibition of pre-sale waiver of the right of redemption repealed, permanent improvements defined, Sec. 6-5-248, 6-5-250, 6-5-253, 6-5-254 am'd
Description
<p class="bill_description"> Under existing law, certain parties may
redeem real property sold pursuant to an execution,
judgment, or foreclosure sale for up to one year
from the date of the sale, and the redemption price
includes the value of all permanent improvements
made to the property after the date of the
foreclosure, execution, or judgment sale</p><p class="bill_description">
This bill would repeal the prohibition of
pre-sale waivers of the right of redemption and
reduce the time period to exercise the right of
redemption for all property, other than
agricultural property and forestry property, to 90
days from the date of the execution, judgment, or
foreclosure sale</p><p class="bill_description">
The bill would retain the one-year period to
exercise the right of redemption for property used
for agricultural or forestry purposes</p><p class="bill_description">
The bill would also define permanent
improvements to mean all improvements made to the
property after the date of the sale, irrespective
of their necessity or reasonableness</p><p class="bill_description">
The bill would apply to all execution,
judgment, and foreclosure sales that occur on or
after September 1, 2012</p><p class="bill_entitled_an_act"> To amend Sections 6-5-248, 6-5-250, 6-5-253, and
6-5-254, of the Code of Alabama 1975, relating to redemption
of real property that is sold pursuant to an execution,
judgment, or foreclosure sale; to reduce the period of time to
exercise the right of redemption for all property other than
agricultural property and forestry property; to provide that
these redemption periods would apply to all sales pursuant to
an execution, judgment, or foreclosure that occur on and after
September 1, 2012; to repeal the prohibition of pre-sale
waivers of the right of redemption; and to define permanent
improvements to mean all improvements made to the property
after the date of the sale, irrespective of their necessity or
reasonableness.
</p>
Subjects
Property, Real and Personal
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 10, 2012 | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB673 Alabama 2012 Session - Introduced |