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 Plano Texas Petition for Release of Excess Proceeds and Notice of Hearing is a legal document used in the state of Texas, specifically in the city of Plano. This petition pertains to the distribution of surplus funds that may arise from a foreclosure sale, tax sale, or any other type of judicial sale. In cases where the sale of a property generates more funds than necessary to satisfy the outstanding debts or claims against it, the excess proceeds are held by the court. The purpose of the Petition for Release of Excess Proceeds is to request the court's authorization for the distribution of those extra funds to the entitled parties. This petition serves as a formal request by the claimant or their representative to the court. It outlines the details of the foreclosure or tax sale, along with relevant information about the property and the parties involved. It includes the names of the claimant, the property owner, and any other interested parties. Furthermore, the Notice of Hearing component of the petition informs all relevant parties about the upcoming court hearing. The hearing is scheduled to determine whether the claimant is entitled to the excess funds and to allow any interested parties to contest the distribution, if necessary. Different types of Plano Texas Petition for Release of Excess Proceeds and Notice of Hearing may include those related to specific types of foreclosure sales, such as a residential foreclosure sale, commercial foreclosure sale, or tax sale. Additionally, the petition may vary depending on whether it is filed by an individual, an attorney, or an organization. Keywords: Plano Texas, petition, release of excess proceeds, notice of hearing, foreclosure sale, tax sale, judicial sale, surplus funds, distribution, claimant, property owner, interested parties, court, authorize, formal request, hearing, entitled parties, contest, residential foreclosure sale, commercial foreclosure sale, tax sale, individual, attorney, organization.
