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.
The "Pearland Texas Petition for Release of Excess Proceeds and Notice of Hearing" is a legal document used in the city of Pearland, Texas, for the purpose of releasing excess proceeds from a property sale or foreclosure. This detailed description will outline the key aspects and types of this petition, using relevant keywords. 1. Purpose: The Pearland Texas Petition for Release of Excess Proceeds and Notice of Hearing serves the purpose of enabling individuals or entities to request the release of any surplus funds generated from the sale or foreclosure of a property in Pearland, Texas. These excess proceeds typically arise when the final sale price exceeds the outstanding mortgage balance and other associated fees. 2. Procedure: When a property is sold or foreclosed in Pearland, Texas, and excess funds remain, interested parties can file a Petition for Release of Excess Proceeds with the appropriate court. This petition must outline the grounds for the request and the specific details of the case. 3. Notice of Hearing: Upon filing the Petition for Release of Excess Proceeds, a Notice of Hearing will be issued by the court. This notice informs all relevant parties involved in the case about the scheduled court hearing, where the petition will be reviewed and a decision will be made on the release of the excess proceeds. The following are different types of Petition for Release of Excess Proceeds and Notice of Hearing that may occur in Pearland, Texas: a. Residential Property: When a residential property is sold or foreclosed in Pearland, and the final sale price exceeds the outstanding mortgage balance and other fees, a Petition for Release of Excess Proceeds specific to residential properties would be filed. b. Commercial Property: Similar to residential properties, excess proceeds from the sale or foreclosure of commercial properties in Pearland may necessitate the filing of a commercial property-specific Petition for Release of Excess Proceeds and Notice of Hearing. c. Tax Lien Sales: In cases where a property's excess proceeds are a result of a tax lien sale, a separate Petition for Release of Excess Proceeds and Notice of Hearing must be filed, outlining the unique circumstances of tax liens. d. Judicial Foreclosure Sales: When a property undergoes a judicial foreclosure sale, excess proceeds may arise. In such situations, a specific Petition for Release of Excess Proceeds and Notice of Hearing relating to judicial foreclosures is typically required. It is important to note that specific requirements and procedures for filing a Pearland Texas Petition for Release of Excess Proceeds and Notice of Hearing may vary. Therefore, it is advisable to consult with legal professionals or conduct thorough research of the applicable laws and regulations to ensure accurate and up-to-date information.
