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.
Irving, Texas Petition for Release of Excess Proceeds and Notice of Hearing serves as a legal document that requests the release of surplus funds resulting from a property sale or foreclosure in the city of Irving, Texas. In situations where the proceeds from a property sale exceed the outstanding debts, liens, and expenses associated with the sale, this petition provides a means for interested parties to claim their portion of the excess proceeds. The Irving, Texas Petition for Release of Excess Proceeds and Notice of Hearing typically includes details such as the property address, the names of previous owners, and the sale amount. It also outlines the amount of excess proceeds available and provides instructions on how interested parties can file a claim to receive the funds. To initiate the process, the interested party must complete the official petition form and submit it to the appropriate Irving, Texas court. The court then reviews the petition and schedules a hearing to determine the distribution of the excess proceeds. It's important to note that there might be different variations or circumstances that necessitate different types of petitions, including: 1. Irving, Texas Petition for Release of Excess Proceeds from Foreclosure Sale: This type of petition is specifically used when the property has been foreclosed upon by a lender, and the resulting sale generates excess proceeds. 2. Irving, Texas Petition for Release of Excess Proceeds from Tax Sale: In cases where a property has been sold at a tax foreclosure auction due to unpaid taxes, interested parties may file this petition to claim their share of the surplus funds. 3. Irving, Texas Notice of Hearing for Excess Proceeds Distribution: This notice is an official communication sent to all parties with a potential claim on the excess proceeds, informing them about the scheduled hearing where the distribution will be decided. In conclusion, the Irving, Texas Petition for Release of Excess Proceeds and Notice of Hearing is a crucial legal document that aids interested parties in claiming their rightful share of surplus funds resulting from property sales or foreclosures in Irving, Texas. The different types of petitions cater to specific circumstances, such as excess proceeds from foreclosures or tax sales, ensuring proper distribution to all entitled parties.
