Section 11-41-27
Disposition of property after dissolution.
If any municipal corporation dissolved under the provisions of this article shall own any property, the title thereto shall vest in the county in which such municipal corporation is situated, but if such corporation shall owe any debts, such property shall be sold by the county commission, and be applied pro rata to the payment of such indebtedness.
(Acts 1919, No. 517, p. 739; Code 1923, §2333; Code 1940, T. 37, §24.)