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SB 623 - Under current law, any surplus proceeds from a foreclosure sale of real estate are placed in the county treasury in trust for the publicly recorded owner of the property at the time of the delinquent land tax auction. This act modifies that provision such that surplus funds shall be distributed first to any recorded lien holders prior to being distributed to the owner. If after three years any funds have not been distributed such funds shall become a permanent school fund for the county. The act provides a process for recorded lien holders and owners to show proof of their claims prior to receiving any funds. Furthermore, if more than one party makes a claim to the surplus funds and they cannot come to an agreement satisfactory to the county commission, the county commission or collector may petition the circuit court for interpleader. This act is substantially similar to HB 1251 (2018) and HCS/HB 649 (2017). SCOTT SVAGERA
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