40-11-215 - Redemption of property.
40-11-215. Redemption of property.
(a) The owner or owners of the property sold and bought by the state under the provisions of §§ 40-11-206 40-11-215 shall be entitled to redeem the property within two (2) years from the date of the sale by paying the amount for which the property was purchased by the state, together with all costs of the sale, and six percent (6%) interest on the purchase price and costs.
(b) The redemption shall be made by paying the funds to the clerk of the court in the county in which the forfeiture was originally taken. The clerk shall thereupon issue to the party a certificate of redemption, which certificate shall divest all title of the state in and to the lands.
(c) A report of all lands so redeemed shall be made monthly to the commissioner of finance and administration, accompanied by the sums paid for the redemption.
(d) If the lands are not redeemed within the period of two (2) years, title thereto shall vest absolutely in the state, and the state shall have the right to convey the title to any purchaser who shall pay the amount of the purchase price and costs, and interest thereon from the date of sale. Any deeds, however, after the redemption period has expired, shall be made by the commissioner of finance and administration.
[Acts 1921, ch. 140, § 4; Shan. Supp., §§ 7148a10-7148a13; Code 1932, §§ 11707-11710; impl. am. Acts 1937, ch. 33, § 24; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, § 3; T.C.A. (orig. ed.), §§ 40-1315-40-1318; 2005, ch. 429, § 11.]