05 LC
14 8982
House
Bill 445
By:
Representative Dean of the
59th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 1 of Chapter 4 of Title 48 of the Official Code of Georgia
Annotated, relating to sales under tax executions, so as to change provisions
relative to disposition of excess proceeds of tax sales; to provide that the
excess shall be distributed to the record owner of the property and notice shall
be given to the record holder of any security deed or other recorded security
interest in the property; to provide for related matters; to provide for an
effective date and applicability; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
1 of Chapter 4 of Title 48 of the Official Code of Georgia Annotated, relating
to sales under tax executions, is amended by striking Code Section 48-4-5,
relating to disposition of excess proceeds, and inserting in its place a new
Code section to read as follows:
"48-4-5.
If
there is any excess after paying taxes, costs, and all expenses of a sale, the
tax
commissioner or tax collector may file an interpleader action in superior court
for the payment of the amount of such excess. Such excess shall be distributed
by the superior court to intended parties, including the owner as their interest
appears and in the order of priority in which their interest
exists.
levying
officer shall within 60 days remit the excess to the record owner of the
property and give notice of such remittance to the record holder of any security
deed or other recorded security interest in the
property."
SECTION
2.
This
Act shall become effective on July 1, 2005, and shall apply with respect to tax
sales conducted on or after that date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.