NOTE: §2211 eff. until Jan. 1, 2026, upon ratification of the const. amend. proposed by Acts 2024, No. 409.

§2211. Disposition of proceeds of sale of adjudicated property

            Except as otherwise agreed by the holders of the statutory impositions and governmental liens, all proceeds from the sale of adjudicated property after deduction of the costs of the sale shall be paid pro rata to those holders, and any amount in excess of the costs, statutory impositions, and governmental liens shall be paid to the selling political subdivision.

            NOTE: §2211 eff. Jan. 1, 2026, upon ratification of the const. amend. proposed by Acts 2024, No. 409.

§2211. Disposition of proceeds of sale of adjudicated property

             The proceeds of the sale of adjudicated property under prior law or the sale of immovable property to enforce a tax lien certificate held by a political subdivision exceeding the statutory impositions, other governmental liens, costs of the sale, and other costs incurred by the political subdivision in holding and maintaining the property shall be held by the political subdivision for the benefit of persons holding an interest in the property for a period of one year from the date that notice is sent as provided by this Section. No later than thirty days after the date of the sale, the political subdivision shall notify each tax auction party of the excess funds being held for the benefit of persons holding an interest in the property. Any person holding an interest in the property may submit an application to receive that person's portion of the proceeds by submitting an affidavit to the political subdivision asserting the facts necessary to prove their interest in the property and the proportion of the proceeds to which they are entitled. If no application to receive the excess bid is received timely, the excess bid shall revert to the selling political subdivision.

            Acts 2008, No. 819, §1, eff. Jan. 1, 2009; Acts 2024, No. 774, §1, see Act.