§ 13-30-110 — Acquisition and maintenance of real property and interests in real property

Tennessee § 13-30-110

• Jurisdiction: Tennessee
• Title: 13

Text

(a) The corporation may acquire real property or interests in real property for the land bank by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the corporation considers proper. (b) The corporation may acquire real property by purchase contracts, lease purchase agreements, installment sales contracts or land contracts, and may accept transfers from municipalities or counties upon such terms and conditions as agreed to by the corporation and the local government. (c) The corporation shall maintain all of its real property and real property held in the land bank in accordance with state law and the laws and ordinances of the jurisdiction in which the real property is located. (d) The corporation shall not own or hold real property located outside the jurisdictional boundaries of the local governmental entity or entities that created the corporation; provided, however, that the corporation may be granted authority pursuant to an intergovernmental cooperation agreement with another municipality or county to manage and maintain real property located within the jurisdiction of such other municipality or county. (e) Except as provided in § 13-30-120 , notwithstanding any other law to the contrary, any municipality or county may convey to the corporation real property and interests in real property on such terms and conditions, and according to such procedures, as determined by the legislative body of the local government conveying the real property to the corporation. (f) (1) The corporation may provide written notice to the clerk and master in advance of any delinquent property tax sale auction held pursuant to § 67-5-2005(b) that it wishes to enter the minimum bid for cash for any parcel advertised for sale in such auction, and such minimum bid shall preempt all other bids for said parcel, and the local land bank shall be the prevailing bidder. (2) If a party other than the local land bank submits a bid for an amount greater than the minimum bid submitted by the local land bank pursuant to subdivision (f)(1), the high bidder is the prevailing bidder, and the local land bank may, within two (2) business days from the close of the tax sale auction, submit and deposit with the clerk of the court a revised bid for the parcel in an amount equal to, or greater than, the bid amount submitted by the high bidder. If the local land bank submits an equal or higher bid for the parcel within two (2) business days of the close of the tax sale auction, then the local land bank is the prevailing bidder. This subdivision (f)(2) does not alter or modify the redemptive rights of any party pursuant to title 66, chapter 8. (3) This subsection (f) only applies in counties having a population greater than nine hundred thousand (900,000), according to the 2020 or a subsequent federal census. (g) Commencing upon the date of transfer of any real property from a land bank to a taxable person or entity, if approved by local government, the land bank shall be entitled to receive payments from the local government equal to fifty percent (50%) of real property taxes collected by the local government for a period of five (5) years.

Legislative History

Amended by 2024 Tenn. Acts, ch. 967,s 10, eff. 5/21/2024. Amended by 2018 Tenn. Acts, ch. 779, s 6, eff. 4/19/2018. Amended by 2014 Tenn. Acts, ch. 793, s 5, eff. 4/25/2014. Acts 2012, ch. 1096, § 1.