Section 11-40-67
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2017 REGULAR SESSION, EFFECTIVE MAY 16, 2017. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
Redemption of property prior to sale by payment of redemption amount.
(a) At any point prior to the moment of the sale, any interested party may redeem the real property from the sale by payment of the redemption amount. Payment shall be made to the Class 2 municipality. Following receipt of the payment, the Class 2 municipality shall file for dismissal of the proceedings.
(b) In the event of the payment by the owner of the real property, the proceedings shall be dismissed and the rights and interests of all interested parties shall remain unaffected.
(c) In the event of payment by any interested party other than the owner, the party making the payment shall possess a lien on the real property for the full amount of the payment, which lien shall have the same priority as the municipal code lien discussed in subsection (b) of Section 11-40-63. The lienholder shall have the right to enforce the lien as permitted to the holder of any lien under existing law. The lienholder shall not otherwise succeed to the rights of the Class 2 municipality or tax certificate holder.
(Act 2017-304, §8.)