42-18236. Disposition of proceeds of sale

355 words·~2 min read·/az/title-42/42-18236

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The qualified entity shall distribute the proceeds of the sale as follows:

1. To the qualified entity, an amount equal to the cost of facilitating the sale of the property, including the costs of providing the notice required by section 42-18232, subsection A.

2. To the certificate of purchase holder, an amount equal to the amounts provided in section 42-18204, subsection B, paragraph 1, subdivisions (a),

(b)and (c).

3. To the county treasurer to redeem any other property tax liens on the parcel and pay current taxes due, then other state lien and encumbrance holders, an amount equal to their respective lien or encumbrance as indicated on a title report provided by the certificate of purchase holder and provided to the court pursuant to section 42-18204, subsection B, paragraph 1, subdivision (d), adjusted by any lien or encumbrance amount that has been paid or increased due to delinquencies since the title report was provided to the court.

4. To the property owner whose right to redeem was foreclosed, any remaining proceeds of the sale. The property owner is not required to be present at the excess proceeds sale in order to receive the property owner's distribution of proceeds from the sale under this subsection.

B. The qualified entity shall distribute the proceeds of the sale pursuant to subsection A of this section within ninety days after the sale of the property and notify the court that the distributions have been made. The qualified entity shall dispose of any monies unclaimed after ninety days pursuant to title 44, chapter 3. If the qualified entity fails to comply with this subsection, the qualified entity shall pay interest at the rate provided for judgments pursuant to section 44-1201 from the date of completion of the sale until the qualified entity complies with this subsection.

Any party in the action to foreclose the right to redeem relating to the property may commence a civil action against the qualified entity for the qualified entity's failure to comply with this subsection. The court may award the prevailing party its reasonable attorney fees and costs incurred in that civil action.