Sec. 34.04 of the Texas Tax Code provides in part as follows:
(a) A person, including a taxing unit, may file a petition in the court that ordered the seizure or sale setting forth a claim to the excess proceeds. The petition must be filed before the second anniversary of the date of the sale of the property. The petition is not required to be filed as an original suit separate from the underlying suit for seizure of the property or foreclosure of a tax lien on the property but may be filed under the cause number of the underlying suit.
(b) A copy of the petition shall be served, in the manner prescribed by Rule 21a, Texas Rules of Civil Procedure, as amended, or that rule's successor, on all parties to the underlying action not later than the 20th day before the date set for a hearing on the petition.
(c) At the hearing the court shall order that the proceeds be paid according to the following priorities to each party that establishes its claim to the proceeds:
(1) to the tax sale purchaser if the tax sale has been adjudged to be void and the purchaser has prevailed in an action against the taxing units under Section 34.07(d) by final judgment;
(2) to a taxing unit for any taxes, penalties, or interest that have become due or delinquent on the subject property subsequent to the date of the judgment or that were omitted from the judgment by accident or mistake;
(3) to any other lienholder, consensual or otherwise, for the amount due under a lien, in accordance with the priorities established by applicable law;
(4) to a taxing unit for any unpaid taxes, penalties, interest, or other amounts adjudged due under the judgment that were not satisfied from the proceeds from the tax sale; and
(5) to each former owner of the property, as the interest of each may appear.
(d) Interest or costs may not be allowed under this section.
(e) An order under this section is appealable.
College Station is a vibrant city located in the heart of Texas, known for its rich culture and community spirit. Within this region, there may be instances where property owners or interested parties need to file a "Petition for Release of Excess Proceeds and Notice of Hearing." This legal process is conducted to distribute any surplus funds resulting from a tax foreclosure sale or other circumstances where the sale price exceeds the outstanding debts. One type of College Station Texas Petition for Release of Excess Proceeds and Notice of Hearing is initiated when a property foreclosed due to delinquent taxes is sold at a public auction. If the selling price surpasses the sum of taxes, penalties, and foreclosure-related expenses, the surplus amount is held by the county or relevant authority. To claim these excess proceeds, interested parties can file a petition seeking their release, prompting a notice of hearing. Another situation that may necessitate the filing of a College Station Texas Petition for Release of Excess Proceeds and Notice of Hearing is when a property is subject to condemnation or eminent domain proceedings. In these cases, if the final compensation awarded to the property owner exceeds the fair market value determined by the government entity undertaking the acquisition, the excess amount is held through a similar process. It is essential to understand the key components of the College Station Texas Petition for Release of Excess Proceeds and Notice of Hearing. The petition itself includes detailed information about the petitioner, such as their name, address, and contact details. Additionally, it should include pertinent details of the property in question, including legal descriptions and any relevant identification numbers, as well as the specific excess proceeds amount being claimed. The notice of hearing serves as an official announcement to all parties involved, alerting them to the scheduled court hearing where the petition will be reviewed. It outlines the date, time, and location of the hearing, ensuring all concerned individuals can attend and present their case if needed. Parties of interest may include property owners, lien holders, or any other individuals or entities with a legitimate stake in the excess proceeds distribution. College Station, Texas, provides an efficient and transparent process for filing a Petition for Release of Excess Proceeds and Notice of Hearing. It is crucial to abide by the specific requirements laid out by the local authority overseeing the matter. Failure to adhere to the guidelines or meet the specified deadlines may result in the forfeit of the excess proceeds. In conclusion, the College Station Texas Petition for Release of Excess Proceeds and Notice of Hearing is an important legal process designed to distribute surplus funds resulting from property sales or eminent domain cases. By diligently following the required steps and submitting a comprehensive petition, interested parties can seek the release of excess proceeds rightfully owed to them.
