HB 2878 — judicial foreclosure; excess proceeds sale

REFERENCEHouse TITLE:Engrossed judicial foreclosure;

judicialexcess foreclosure;proceeds sale State of Arizona House of Representatives Fifty-seventh Legislature First Regular Session HOUSE BILL 2878 AN ACT AMENDING SECTIONS 42-18201, 42-18204, 42-18233, 42-18234, 42-18235 AND 42-18236, ARIZONA REVISED STATUTES;

excess proceeds sale State of Arizona House of Representatives Fifty-seventh Legislature First Regular Session HB 2878 Introduced by Representative Liguori AN ACT AMENDING SECTIONS 42-18201, 42-18204, 42-18233, 42-18234, 42-18235 AND 42-18236, ARIZONA REVISED STATUTES;

(TEXT OF BILL BEGINS ON NEXT PAGE) - i - HBH.B. 2878 Be it enacted by the Legislature of the State of Arizona:

2878 Be it enacted by the Legislature of the State of Arizona:

- 1 - HBH.B. 2878 (b) Directing the county treasurer to expeditiously execute and deliver to the party in whose favor judgment is entered, including the state, a deed conveying the property described in the certificate of purchase.

2878 (b) Directing the county treasurer to expeditiously execute and deliver to the party in whose favor judgment is entered, including the state, a deed conveying the property described in the certificate of purchase.

- 2 - HBH.B. 2878 (f) Any other evidence relating to the value of the property or objecting to the excess proceeds sale that the certificate of purchase holder deems necessary.

2878 (f) Any other evidence relating to the value of the property or objecting to the excess proceeds sale that the certificate of purchase holder deems necessary.

The qualified - 3 - HBH.B. 2878 entity shall require every bidder, except the certificate of purchase holder, to provide a nonrefundable deposit in an amount equal to ten percent of the opening bid or $2,500, whichever is greater, in any form that is satisfactory to the qualified entity as a condition of entering a bid.

2878 entity shall require every bidder, except the certificate of purchase holder, to provide a nonrefundable deposit in an amount equal to ten percent of the opening bid or $2,500, whichever is greater, in any form that is satisfactory to the qualified entity as a condition of entering a bid.

- 4 - HBH.B. 2878 Sec.

2878 Sec.

Within seven business days after receipt of payment by the qualified entity or the qualified entity's agent, made in a form that is satisfactory to the qualified entity, the qualified entity shall execute and submit the qualified entity's deed to the county recorder for - 5 - HBH.B. 2878 recording and, on request, shall provide an unrecorded copy of the signed qualified entity's deed to the purchaser.

2878 recording and, on request, shall provide an unrecorded copy of the signed qualified entity's deed to the purchaser.

To the county treasurer to redeem any other property tax liens on the parcel and pay current taxes due, then other state lien and encumbrance holders, an amount equal to their respective lien or - 6 - HBH.B. 2878 encumbrance as indicated on a title report provided by the certificate of purchase holder and provided to the court pursuant to section 42-18204, subsection B, paragraph 1, subdivision (d), adjusted by any lien or encumbrance amount that has been paid or increased due to delinquencies since the title report was provided to the court.

2878 encumbrance as indicated on a title report provided by the certificate of purchase holder and provided to the court pursuant to section 42-18204, subsection B, paragraph 1, subdivision (d), adjusted by any lien or encumbrance amount that has been paid or increased due to delinquencies since the title report was provided to the court.