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       Senate Engrossed
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  State of Arizona
  Senate
  Forty-fifth
  Legislature
  Second Regular Session
  2002
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    SENATE BILL 1040
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AN ACT

AMENDING SECTIONS 42-18114 AND 42-18118, ARIZONA REVISED STATUTES; AMENDING TITLE 42, CHAPTER 18, ARTICLE 3, ARIZONA REVISED STATUTES, BY ADDING SECTION 42-18121.01; RELATING TO TAX LIENS.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Section 42-18114, Arizona Revised Statutes, is amended to read:

42-18114. Successful purchaser

A real property tax lien shall be sold pursuant to this article to the person who:

1. Pays the whole amount of delinquent taxes, interest, penalties and charges due on the property. , and who in addition

2. Offers to accept the lowest rate of interest on the amount so paid to redeem the property from the sale, which may not exceed the rate prescribed by, and computed pursuant to, section 42-18053.

3. IF REQUIRED BY THE COUNTY TREASURER, AGREES TO ACQUIRE BY ASSIGNMENT ALL CURRENTLY OUTSTANDING CERTIFICATES OF PURCHASE PREVIOUSLY ISSUED ON THE PROPERTY. AN ASSIGNMENT MADE PURSUANT TO THIS PARAGRAPH VESTS IN THE PERSON ALL THE RIGHT AND TITLE OF THE ORIGINAL PURCHASER.

Sec. 2. Section 42-18118, Arizona Revised Statutes, is amended to read:

42-18118. Certificate of purchase or registered certificate; form; assignment; fee

A. The county treasurer shall make, execute and deliver a certificate of purchase to each purchaser at the sale for delinquent taxes or to each assignee. The treasurer may provide for a registered certificate in the treasurer's records in lieu of delivering a physical certificate.

B. The certificate of purchase or registered certificate shall:

1. Describe the real property on which a tax lien is sold as it is described in the record of tax lien sales.

2. Recite the date of the sale.

3. State the name of the purchaser.

4. Recite the tax year or years for which the tax lien was sold.

5. Recite the amount of all taxes, interest, penalties and charges for which the tax lien was sold and the rate of interest payable in order to redeem.

C. The certificate of purchase, whether registered or paper or whether issued to this state or to a person, is assignable by endorsement OR AS PROVIDED IN SECTION 42.18121.01. An assignment, when noted on the record of tax lien sales in the office of the county treasurer vests in the assignee all the right and title of the original purchaser.

D. The county treasurer shall collect from the purchaser or assignee a fee of ten dollars for each certificate.

Sec. 3. Title 42, chapter 18, article 3, Arizona Revised Statutes, is amended by adding section 42-18121.01, to read:

42-18121.01. Subsequent purchaser; assignment

A. IF A PERSON WHO HOLDS A CERTIFICATE OF PURCHASE DOES NOT EXERCISE THE OPTION TO PAY SUBSEQUENT TAXES, ACCRUED INTEREST AND RELATED FEES DUE ON THE PROPERTY PURSUANT TO SECTION 42-18121, THE COUNTY TREASURER MAY REQUIRE A PERSON WHO DESIRES TO PURCHASE A SUBSEQUENT CERTIFICATE OF PURCHASE ON THE PROPERTY TO PURCHASE ALL CURRENTLY OUTSTANDING CERTIFICATES OF PURCHASE PREVIOUSLY ISSUED ON THE PROPERTY. THE COUNTY TREASURER SHALL PROCESS THE SALE AS AN ASSIGNMENT ON BEHALF OF THE PREVIOUS HOLDER OF THE CERTIFICATE OF PURCHASE.

B. AN ASSIGNMENT MADE PURSUANT TO THIS SECTION VESTS IN THE PERSON ALL THE RIGHT AND TITLE OF THE ORIGINAL PURCHASER.