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.
Travis Texas Petition for Release of Excess Proceeds and Notice of Hearing is a legal document filed in the state of Texas to request the distribution of surplus funds resulting from a foreclosure sale. This petition is typically filed by the owner of the property or a lien holder seeking to claim the excess proceeds generated after satisfying the foreclosure debt. The main purpose of the Travis Texas Petition for Release of Excess Proceeds and Notice of Hearing is to ensure a fair and just distribution of any surplus funds to the rightful parties. This process is generally governed by specific rules and regulations outlined in the Texas Property Code. There are several types of Travis Texas Petition for Release of Excess Proceeds and Notice of Hearing, namely: 1. Individual Petition: This type of petition is filed by an individual property owner seeking to claim the excess proceeds resulting from the foreclosure sale of their property. 2. Lien holder Petition: In cases where there is a lien placed on the property, the lien holder may file a petition to claim the surplus funds after satisfying their lien. 3. Joint Petition: This type of petition is filed by multiple parties who have a shared interest in claiming the excess proceeds. These parties might include co-owners, creditors, or other parties with legal entitlement to a portion of the surplus. 4. Notice of Hearing: Alongside the petition, a Notice of Hearing is also included. This notice informs all interested parties, including the former property owner, lien holders, and any other potential claimants, about the upcoming court hearing where the distribution of the excess proceeds will be decided. This hearing provides an opportunity for interested parties to present their claims and contest any discrepancies. It is important to note that the specifics and requirements of the Travis Texas Petition for Release of Excess Proceeds and Notice of Hearing may vary depending on the jurisdiction and local regulations within Travis County, Texas. Therefore, it is advisable to consult with an attorney or legal expert in Texas to ensure compliance with the relevant laws and procedures.
