Loading chat...
AL SB448
Bill
Status
2/18/2010
Primary Sponsor
J.T. Waggoner
Click for details
AI Summary
SB448 Summary
-
Amends Alabama Code Sections 40-10-120 and 40-10-122 to allow mortgagees, judgment creditors, and other creditors with liens on tax-foreclosed property to redeem the property in the name of the original owner.
-
Permits liened creditors to redeem property within the standard three-year redemption period (or one year for recorded mortgages/liens) available to other eligible parties.
-
Applies the redemption requirements of Section 40-10-122, including deposit of the original sale price plus 12 percent annual interest and payment of any taxes paid by the purchaser.
-
Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Property sold for nonpayment of taxes, mortgagee, judgment creditor, or other creditor having a lien in the real estate lands sold for nonpayment of taxes may redeem the property in the name of the owner of the property, Secs. 40-10-120, 40-10-122 am'd.; Act 2009-508, 2009 Reg. Sess. am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Judiciary
2/18/2010