Tennessee Code 7-84-527 – Redemption
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 7-84-527
- Governing body: means the council, commission, board or other body exercising general legislative power in the municipality. See Tennessee Code 7-84-503
- Municipality: means any incorporated city, town or metropolitan government of this state exercising general governmental functions in the state. See Tennessee Code 7-84-503
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
In case any assessment shall become or has become delinquent and the property subject to the delinquency has been or shall be sold to the municipality for the delinquency, redemption of such property shall be permitted upon payment, not later than one (1) year after the date of sale, of the full amount due, plus interest, any taxes paid by the municipality, and accrued costs and redemption fees as may be prescribed by ordinance of the municipality, unless, in the judgment of the governing body of the municipality, the interest of the municipality will be subserved by accepting a lesser sum in settlement for the delinquency.