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