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AL SB506

Bill

Status

Introduced

3/4/2010

Primary Sponsor

Roger Bedford

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Origin

Senate

Regular Session 2010

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