1-1 By: Dutton (Senate Sponsor - Staples) H.B. No. 858 1-2 (In the Senate - Received from the House April 9, 2001; 1-3 April 9, 2001, read first time and referred to Committee on 1-4 Intergovernmental Relations; May 9, 2001, reported favorably by the 1-5 following vote: Yeas 6, Nays 0; May 9, 2001, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to the effect of a deed of conveyance of tax foreclosed 1-9 property resold by a municipality for urban redevelopment purposes. 1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-11 SECTION 1. Section 34.051, Tax Code, is amended by amending 1-12 Subsection (c) and adding Subsection (d) to read as follows: 1-13 (c) The deed of conveyance of property sold under this 1-14 section conveys to the purchaser the right, title, and interest 1-15 acquired or held by each taxing unit that was a party to the 1-16 judgment of foreclosure, subject to any remaining right of 1-17 redemption at the time of the sale. 1-18 (d) An action attacking the validity of a sale of property 1-19 pursuant to this section may not be instituted after the expiration 1-20 of one year after the date of the sale and then only after the 1-21 unconditional tender into the registry of the court of an amount 1-22 equal to all taxes, penalties, interest, costs, and post-judgment 1-23 interest of all judgments on which the original foreclosure sale 1-24 was based. 1-25 SECTION 2. This Act takes effect immediately if it receives 1-26 a vote of two-thirds of all the members elected to each house, as 1-27 provided by Section 39, Article III, Texas Constitution. If this 1-28 Act does not receive the vote necessary for immediate effect, this 1-29 Act takes effect September 1, 2001. 1-30 * * * * *