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.
Odessa Texas Petition for Release of Excess Proceeds and Notice of Hearing is a legal document used in the state of Texas to request the release of any excess funds generated from a property foreclosure sale. This petition is often filed by parties with an interest in the property, such as the former owners or lien holders, to recover their rightful share of the proceeds. In Odessa, Texas, there may be different types of petitions for the release of excess proceeds and notice of hearing depending on the specific circumstances. Some common variations may include: 1. Residential Property Foreclosure Excess Proceeds: This type of petition is filed when a residential property is foreclosed upon, and the sale generates more funds than necessary to satisfy the outstanding debts. Interested parties, such as the previous property owners or other claimants, can file this petition to request their share of the excess proceeds. 2. Commercial Property Foreclosure Excess Proceeds: In the case of a commercial property foreclosure, where a non-residential property is sold at a public auction, this petition can be used to claim any surplus funds left after satisfying the outstanding debts. Lien holders, former owners, or other claimants can assert their rights to receive their portion of the excess proceeds. 3. Tax Sale Excess Proceeds Petition: When a property is sold at a tax sale due to delinquent tax payments, the excess proceeds resulting from the sale can be subject to claims from various parties. This type of petition allows interested parties, such as former owners, mortgage holders, or judgment lien holders, to seek their share of the surplus funds. 4. Judicial Sale Excess Proceeds Petition: In some cases, a court-ordered sale of a property may result in surplus funds. This petition allows individuals or entities with a legal interest in the property to request the release of these excess proceeds. The Odessa Texas Petition for Release of Excess Proceeds and Notice of Hearing serves as a formal request to the court, providing details of the property in question, the foreclosure or sale process, and the claimant's entitlement to the excess funds. This document should include relevant keywords such as Odessa Texas, petitioner, release of excess proceeds, notice of hearing, residential property, commercial property, tax sale, judicial sale, and foreclosure.
