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1999 SESSION

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HB 1977 Distribution of proceeds from tax sales on real estate.

Introduced by: John J. Davies III | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Distribution of proceeds of tax sales. Establishes a procedure addressing the distribution of the portion of the proceeds from the tax sale of real estate due to the unknown beneficiary of a lien on the property. The proceeds from the sale of property sold for delinquent taxes are required to be applied, after payment of the taxes, penalties, interest, fees, and costs, to liens against the property, and any balance is to be paid to the former owner. If the beneficiary of a deed of trust or other lien on the property is unknown and does not claim his money within two years of the sale, the clerk of court is required to pay the money to the locality. If the lienholder later comes forward and shows he is entitled to the funds, the locality may pay the money to him, which is the same process currently in effect with respect to unknown former owners of the land. Currently, the proceeds due to an unknown lienholder escheat to the Commonwealth.


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