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PAG LIN
1 1 Section 1. Section 446.16, Code 1997, is amended to read
1 2 as follows:
1 3 446.16 BID – PURCHASER.
1 4 1. The person who offers to pay the total amount due,
1 5 which is a lien on any parcel, for the smallest percentage of
1 6 the parcel is the purchaser, and when the purchaser designates
1 7 the percentage of any parcel for which the purchaser will pay
1 8 the total amount due, the percentage thus designated shall
1 9 give the person an undivided interest upon the issuance of a
1 10 treasurer's deed, as provided in chapter 448. If two or more
1 11 persons have placed an equal bid and the bids are the smallest
1 12 percentage offered, the county treasurer shall use a random
1 13 selection process to select the bidder to whom a certificate
1 14 of purchase will be issued.
1 15 2. Notwithstanding subsection 1, as soon as two or more
1 16 bids are placed on the delinquent taxes for a parcel, the
1 17 treasurer may, at that time, use a random selection process to
1 18 select the bidder to whom a certificate of purchase will be
1 19 issued.
1 20 3. The delinquent tax lien transfers with the tax sale
1 21 certificate, whether held by the county or purchased by an
1 22 individual, through assignment or direct purchase at the tax
1 23 sale. The delinquent tax sale lien expires when the tax sale
1 24 certificate expires.
1 25 Sec. 2. This Act, being deemed of immediate importance,
1 26 takes effect upon enactment.
1 27 EXPLANATION
1 28 This bill allows a county treasurer to use a random
1 29 selection process as soon as two or more bids for a
1 30 certificate of purchase for delinquent taxes are placed.
1 31 Currently, the random selection process is allowed only when
1 32 two or more equal bids are placed on the smallest percentage
1 33 interest in the property.
1 34 The bill is effective upon enactment.
1 35 LSB 2467SS 77
2 1 sc/jw/5
Text: SF00516 Text: SF00518 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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