§ 67-1-1420 — Sale - Redemption of property

(a) Before Sale. Any person whose property has been levied upon shall have the right to pay the amount due, together with the expenses of the proceeding, if any, to the commissioner or the commissioner's delegate at any time prior to the sale of the property, and, upon such payment, the commissioner or the commissioner's delegate shall restore such property to the person, and all further proceedings in connection with the levy on such property shall cease from the time of such payment. (b) Redemption of Real Estate After Sale. (1) Period. The owners of any real property sold as provided in §§ 67-1-1414 - 67-1-1418, their heirs, executors or administrators, or any person having any interest in the property, or a lien on the property, or any person in their behalf, shall be permitted to redeem the property sold, or any particular tract of such property, at any time within one hundred twenty (120) days after the sale of the property. (2) Price. Such property or tract of property shall be permitted to be redeemed upon payment to the purchaser, or in case the purchaser cannot be found in the county in which the property to be redeemed is situated, then to the commissioner or the commissioner's delegate, for the use of the purchaser, the purchaser's heirs, or assigns, the amount paid by such purchaser and interest on the amount paid at the current composite prime rate as published by the federal reserve board as of the date of purchase. (3) Record. When any lands sold are redeemed as provided in this section, the commissioner or the commissioner's delegate shall cause entry of the fact to be made upon the record provided for in § 67-1-1424 , and such entry shall be evidence of such redemption.

Legislative History

Acts 1972, ch. 762, § 6; 1983, ch. 182, § 4; T.C.A., § 67-6017.