2010 Tennessee Code
Title 67 - Taxes And Licenses
Chapter 5 - Property Taxes
Part 25 - Tax LienSale of Property
67-5-2514 - Resale of property purchased by state.

67-5-2514. Resale of property purchased by state.

(a)  (1)  When any real property has been acquired by the state of Tennessee under the provisions of §§ 67-5-2405, 67-5-2406 and 67-5-2414, the district attorney general in the district attorney general's official capacity is authorized, with the approval of the governor, to sell real property on terms to be fixed in the advertisement at public auction to be held in the county where the property is situated.

     (2)  The advertisement shall be by advertisement in a local newspaper for a period of four (4) consecutive weeks and the date of sale is required to be on the seventh day after the expiration of the last publication, Sundays and holidays excepted, in which case the sale will be on the sixth day thereafter, and by written or printed poster posted at not less than four (4) public places in the county, at least one (1) poster to be displayed on the bulletin board in the county courthouse.

     (3)  Such advertisement shall state the time, place, and terms of sale, as well as the character and nature of the title to be given by the seller; however, such title shall in no instance be greater than that held by the state of Tennessee.

(b)  (1)  All persons, firms, or corporations having any right, title, or interest in the property to be sold under the terms of this section must be given the opportunity to settle or compromise the tax claim against their property by paying the total amount of cost, interest, penalties and principal amount of tax assessed against such property at any time during the period such properties are being advertised, but in no event shall the time in which settlement can be made be more than four (4) weeks from the date of the first advertisement.

     (2)  It is expressly provided, however, that such tax claim may be reduced in amount in the sound discretion of the administrator, with the consent and approval of the governor and the attorney general and reporter.

     (3)  Where the tax suit has not been prosecuted to a sale, the court in which filed, on application of the commissioner of finance and administration or the county legislative body of the county involved, may appoint a tax commissioner and receiver to handle the same in order that the property involved may be dismissed or sold for the lien.

(c)  (1)  The proceeds of any sale of real property authorized in this section shall be distributed as follows:

          (A)  All costs, including cost of advertisement and sale;

          (B)  State tax, interest and penalties, if any;

          (C)  County and municipal taxes, interest and penalties; and

          (D)  The residue will be paid into the state treasury for the use and benefit of the general fund.

     (2)  The proceeds of sale or compromises shall be paid to the clerk of the court in which the property tax is filed, and express authority is given to the court to appoint the clerk as a receiver to receipt, safekeep, and disburse the proceeds of all sales.

[Acts 1955, ch. 324, §§ 1-3; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, § 3; 1976, ch. 617, § 3; T.C.A., §§ 67-2044 67-2046.]