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AL HB673
Bill
Status
4/10/2012
Primary Sponsor
Mike Hill
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AI Summary
HB673 Summary
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Reduces the redemption period for non-agricultural and non-forestry property from one year to 90 days from the date of execution, judgment, or foreclosure sale.
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Retains the one-year redemption period for property classified as agricultural or forestry property.
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Repeals the prohibition on pre-sale waivers of redemption rights, allowing parties to waive redemption before a foreclosure or execution sale.
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Defines "permanent improvements" as all improvements made to property after the sale date, regardless of necessity or reasonableness, and places burden of proof on parties claiming the extended one-year redemption period for agricultural/forestry property.
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Applies to all execution, judgment, and foreclosure sales occurring on or after September 1, 2012.
Legislative Description
Real property, period of redemption reduced, exceptions, apply to sales pursuant to an executive, judgment, or foreclosure on and after September 1, 2012, prohibition of pre-sale waiver of the right of redemption repealed, permanent improvements defined, Sec. 6-5-248, 6-5-250, 6-5-253, 6-5-254 am'd
Property, Real and Personal
Last Action
Read for the first time and referred to the House of Representatives committee on Financial Services
4/10/2012