SB95 Summary

• Amends Section 40-10-28 of Alabama Code to clarify procedures for calculating, distributing, and retaining excess funds from county tax sales of real estate, applicable regardless of when the tax sale occurred.

• Excess funds must be held in a separate county treasury account for three years; if property is redeemed within three years with proper proof, funds are paid to the redeeming person or entity, with the county retaining any interest earned.

• After three years but within 10 years, excess funds may be paid to persons entitled to redeem under law upon court order, or to the property owner at time of sale or subsequent owner upon proof of negotiated redemption agreement.

• If excess funds are not claimed within 10 years after the tax sale, the funds and any earned interest become property of the county.

• Ratifies, validates, and affirms all good faith actions taken by counties regarding excess funds prior to the effective date of this act, regardless of when the original tax sale occurred.