Under existing law, excess funds arising from the sale of any real estate for taxes may be paid to the owner of the property that has been sold
This bill would clarify that the owner of property entitled to receive such excess funds includes holders of recorded mortgages and would establish the priority of the distribution of any excess funds
To amend Section 40-10-28, Code of Alabama 1975, relating to the distribution of excess funds arising from the sale of real estate for taxes, by defining the terms "owner" and "rightful owner" to include the holder of any recorded mortgages and other persons owning the property; to establish the order of payment of any excess funds; and to provide for the effective date of this act.
|February 7, 2012
|Read for the first time and referred to the Senate committee on Judiciary
|SB218 Alabama 2012 Session - Introduced