US Laws, Codes, Statutes & Cases

 
    §  11-324  Deposits  and  forfeits.  The  commissioner  of finance may
  require from each purchaser of a tax lien or tax liens, in cash or  cash
  equivalent  in  immediately  available  funds  in the discretion of such
  commissioner, a deposit of at least five per cent of the cash portion of
  the sale price of the tax lien or tax liens purchased by him or her,  as
  liquidated damages, on a date determined by the commissioner of finance.
  The balance shall be paid to the commissioner of finance in cash or cash
  equivalent  in  immediately  available funds or such other consideration
  acceptable to the commissioner of finance or any combination thereof, in
  his or her discretion. For purposes of this  chapter  "cash  equivalent"
  shall  mean a cashier's check, bank check, certified check, money order,
  or such other paper instrument as  the  commissioner  of  finance  shall
  prescribe. Such deposit and balance may also be paid by electronic funds
  transfer.  For  purposes  of  this  chapter, "electronic funds transfer"
  shall mean any transfer of funds, other than a transaction originated by
  check, draft or similar paper instrument, which  is  initiated  using  a
  format prescribed by the commissioner of finance. A tax lien certificate
  shall  be  made  and delivered to the purchaser upon payment of the sale
  price. In case any purchaser shall default in any obligation  under  the
  terms  and conditions of the tax lien sale, then the amount deposited by
  the purchaser shall be forfeited to the city, and the tax  lien  or  tax
  liens  upon  the property affected by such purchase may be sold again at
  the discretion of the commissioner of finance pursuant to section 11-319
  of this chapter. All deposits forfeited as aforesaid shall be paid  into
  the general fund.