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AL SB506
Bill
Status
Introduced
3/4/2010
Primary Sponsor
Roger Bedford
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AI Summary
- Amends Section 6-5-248 of the Alabama Code to differentiate redemption periods based on property type
- Reduces the redemption period for commercial property from one year to 90 days from the date of foreclosure sale
- Maintains the one-year redemption period for residential property
- Applies the shortened timeline to all eligible parties including debtors, mortgagors, junior mortgagees, judgment creditors, spouses, children, heirs, and devisees
- Becomes effective on the first day of the third month following passage and gubernatorial approval
Legislative Description
Commercial property, right of redemption, time period reduced, Sec. 6-5-248 am'd.
Property, Real and Personal
Last Action
Indefinitely Postponed
4/14/2010
Committee Referrals
Judiciary3/4/2010
Full Bill Text
No bill text available