25-13-804. Redemption by stockholder or corporation.
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/mt/title-25/chapter-13/part-8/25-13-804·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
25-13-804 . Redemption by stockholder or corporation.
(1)If a stockholder of a corporation redeems, the corporation, within 1 year after the date of sale, may redeem by paying to the redemptioner or the sheriff for the stockholder's benefit the amount paid to effect the redemption, with interest on that amount at the rate established by the judgment in the action that led to the execution sale from the date of redemption until the date of payment, together with any taxes or assessments that may have been paid by the redemptioner, with interest at the same rate on the amount of the payment.
(2)When a stockholder redeems, any other stockholder or stockholders may, at any time after the redemption and within 60 days after the expiration of 1 year from the date of sale, contribute to the redemption by paying to the redeeming stockholder or depositing with the sheriff for the redeeming stockholder's benefit a sum that bears the same proportion to the amount necessary to redeem that the number of shares owned by the contributing stockholder or stockholders bears to the number of shares of the corporation outstanding, with interest on the sum from the date of redemption until the date of contribution at the rate established by the judgment in the action that led to the execution sale, together with a similar proportion of the taxes or assessments paid by the redeeming stockholder, with interest at the same rate. If the corporation does not redeem the property within the time and in the manner and form as described in this section, the redeeming and contributing stockholders are entitled to receive a sheriff's deed for the property redeemed and shall succeed to the property as tenants in common in the proportions, respectively, that they shall respectively pay or contribute to the redemption. The redeeming or contributing stockholder shall, in all cases when applying to redeem or contribute, present an affidavit setting forth the number of shares of stock owned by the stockholder and, to the best of the stockholder's knowledge, the number of shares of stock of the corporation outstanding.