Loading chat...
AL SB263
Bill
Status
3/24/2011
Primary Sponsor
Slade Blackwell
Click for details
AI Summary
-
Reduces the redemption period for non-agricultural and non-forestry property from one year to 90 days following execution, judgment, or foreclosure sales.
-
Retains the one-year redemption period for property classified and assessed as agricultural or forestry property.
-
Applies to all execution, judgment, and foreclosure sales conducted on or after September 1, 2011.
-
Maintains existing redemption rights for debtors, mortgagors, junior mortgagees, judgment creditors, spouses, children, heirs, and devisees.
-
Becomes effective upon gubernatorial approval or upon otherwise becoming law.
Legislative Description
Real property, mortgages, foreclosures, redemption limited for property other than agriculture and forestry property, reduced, Sec. 6-5-248 am'd.
Property, Real and Personal
Last Action
Banking and Insurance first Substitute Offered
6/1/2011