Idaho Code 50-1406 – Disposal of Land Acquired by Foreclosure — Excess Proceeds
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Idaho Code 50-1406
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both real and personal property. See Idaho Code 73-114
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Should real property be acquired as the result of a foreclosure of any improvement lien, or where a deed has been made and executed by the owner to the city in satisfaction of an improvement lien, and thereafter bring more than is assessed against the same, together with costs and expenses, then the proceeds shall be paid to the owner if his address is known, otherwise, to be placed in the improvement fund for the benefit of which the property was impressed with the lien.