California Streets and Highways Code

§ 6501.1

SHC § 6501.1Div. 7 · Part 5 · Ch. 6

Statute text

(a)If there is surplus money remaining from the sale after payment of the amount due on the bond, plus interest, penalties, and costs of sale, the treasurer shall hold the surplus money in trust during the period of redemption or until the amount due is paid by a redemptioner. In the event of redemption, the treasurer shall pay to the holder of the certificate of sale the amount of principal, interest, and penalties due on the bond, costs paid by the holder, and any surplus money held in trust. In the event that there is no redemption of the bond during the redemption period, the treasurer shall pay the surplus money in the following order:

(1)To the lienholders of record prior to the issuance of the treasurer’s deed, in the order of their priority;

(2)To the person who was the owner of record prior to the issuance of the treasurer’s deed, if he can be found within a three-year period following such sale, or, if such person cannot be found in such period, to each taxing agency in the same proportion that each agency’s taxes bear to the total taxes. (b)(1) Written notice of the right to claim surplus money shall be sent to the last known address of any person who had a recorded interest in the property at the time of sale. Such notice shall be sent no later than 90 days after the sale of the property.

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Legislative history

Amended by Stats. 1979, Ch. 615.