SB230 Summary

• Amends Section 40-10-28 of the Alabama Code to allow persons or entities to claim excess funds from tax sales if they have a written negotiated redemption agreement with or have purchased property from the tax sale purchaser or their successor in interest.

• Extends the timeframe for claiming excess funds to up to 10 years after a tax sale, with the 3-year initial period allowing only those who have properly redeemed the property to claim funds.

• Requires proof of a written agreement or deed evidencing the negotiated redemption agreement or property purchase for claims made more than 3 years after the tax sale.

• Allows excess funds to be remitted to the tax sale purchaser, their successor in interest, or the redeeming party depending on who paid the redemption or purchase price.

• Becomes effective on the first day of the third month following passage and approval by the Governor.