Bill Text: TX SB1834 | 2011-2012 | 82nd Legislature | Introduced

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Bill Title: Relating to the payment of excess proceeds from ad valorem tax foreclosure sales to the comptroller for deposit to the credit of the fair defense account.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2011-03-24 - Referred to Finance [SB1834 Detail]

Download: Texas-2011-SB1834-Introduced.html

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82R13862 JE-F
By: Ellis S.B. No. 1834

A BILL TO BE ENTITLED
AN ACT
relating to the payment of excess proceeds from ad valorem tax
foreclosure sales to the comptroller for deposit to the credit of
the fair defense account.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 34.03(b) and (c), Tax Code, are amended
to read as follows:
(b) If no claimant establishes entitlement to the proceeds
within the period provided by Subsection (a), the clerk shall remit
[distribute] the excess proceeds to the comptroller, not less than
quarterly, for deposit to the credit of the fair defense account
established under Section 71.058, Government Code [each taxing unit
participating in the sale in an amount equal to the proportion its
taxes, penalties, and interests bear to the total amount of taxes,
penalties, and interest due all participants in the sale].
(c) The clerk shall note on the execution docket in each
case the amount of the excess proceeds, the date the excess proceeds
[they] were received, and the date the excess proceeds [they] were
remitted [transmitted] to the comptroller [taxing units
participating in the sale].
SECTION 2. The change in law made by this Act applies to the
disposition of excess proceeds of a property tax foreclosure sale
paid into the court regardless of the date on which the foreclosure
sale occurred or the date on which the proceeds were paid into the
court. If on the effective date of this Act the clerk of a court is
retaining excess proceeds that have been retained for longer than
the period provided by Section 34.03(a), Tax Code, the clerk shall
remit those proceeds to the comptroller for deposit to the credit of
the fair defense account as provided by Section 34.03(b), Tax Code,
as amended by this Act.
SECTION 3. This Act takes effect September 1, 2011.