account and must be invested so as not to be idle; the governing body of political subdivision is entitled to the earnings for keeping the overage. On escheat date the overage must be transferred to the general funds of the governing body. Section 6-68-170. (A) The court shall award fee title to the purchaser after the proceeds are distributed. If proceeds from the sale are insufficient to pay all liens, claims, and encumbrances on the property, the court shall extinguish all unpaid liens, claims, and encumbrances on the property and award title to the purchaser free and clear. (B) This chapter does not foreclose any right or remedy that may be available under other state law or the laws of equity.” SECTION 2. This act takes effect upon approval by the Governor. / Renumber sections to conform. Amend title to conform. Majority favorable. Minority unfavorable. C. BRADLEY HUTTO THOMAS D. CORBIN For Majority. For Minority. STATEMENT OF ESTIMATED FISCAL IMPACT ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES: Minimal (Some additional costs expected but can be absorbed) ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES: $0 (No additional expenditures or savings are expected) EXPLANATION OF IMPACT: The Judicial Department indicates that this bill will have a minimal impact on the General Fund of the State, which the agency can absorb at their current level of funding. LOCAL GOVERNMENT IMPACT: Pursuant to Section 2-7-76, the State Budget Division surveyed municipalities to assess the impact of this bill. Respondents indicated there would be no fiscal impact on municipalities. Approved By: Brenda Hart Office of State Budget
account and must be invested so as not to be idle; the governing body of political subdivision is entitled to the earnings for keeping the overage. On escheat date the overage must be transferred to the general funds of the governing body. Section 6-68-170. (A) The court shall award fee title to the purchaser after the proceeds are distributed. If proceeds from the sale are insufficient to pay all liens, claims, and encumbrances on the property, the court shall extinguish all unpaid liens, claims, and encumbrances on the property and award title to the purchaser free and clear. (B) This chapter does not foreclose any right or remedy that may be available under other state law or the laws of equity.” SECTION 2. This act takes effect upon approval by the Governor. / Renumber sections to conform. Amend title to conform. Majority favorable. Minority unfavorable. C. BRADLEY HUTTO THOMAS D. CORBIN For Majority. For Minority. STATEMENT OF ESTIMATED FISCAL IMPACT ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES: Minimal (Some additional costs expected but can be absorbed) ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES: $0 (No additional expenditures or savings are expected) EXPLANATION OF IMPACT: The Judicial Department indicates that this bill will have a minimal impact on the General Fund of the State, which the agency can absorb at their current level of funding. LOCAL GOVERNMENT IMPACT: Pursuant to Section 2-7-76, the State Budget Division surveyed municipalities to assess the impact of this bill. Respondents indicated there would be no fiscal impact on municipalities. Approved By: Brenda Hart Office of State Budget
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