MISSISSIPPI LEGISLATURE
2013 Regular Session
To: Banking and Financial Services; Judiciary A
By: Representative Hines
AN ACT TO AMEND SECTION 29-1-75, MISSISSIPPI CODE OF 1972, TO REMOVE THE RESTRICTION ENTITIES ALLOWED TO PURCHASE TAX-FORFEITED LANDS, TO ALLOW ANY INDIVIDUAL, CORPORATION OR ASSOCIATION HOLDING A MORTGAGE OR DEED OF TRUST ON, OR HOLDING A SECURITY INTEREST IN TAX-FORFEITED LANDS, WHICH IS STILL IN EFFECT, TO PURCHASE THE LANDS SUBJECT TO CERTAIN CONDITIONS; TO REQUIRE THE OWNERSHIP AND POSSESSION OF STATE TAX-FORFEITED LANDS TO TRANSFER TO THE PURCHASER WITHIN TWENTY DAYS OF THE PURCHASE, BUT IN NO CASE SHALL THE TRANSFER OCCUR AFTER THIRTY DAYS OF THE PURCHASE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 29-1-75, Mississippi Code of 1972, is amended as follows:
29-1-75. * * *
(1) Any individual,
corporation or association, whether for-profit or not-for-profit, holding a
mortgage or deed of trust * * * on, or holding a security interest in
tax-forfeited lands at the time of the sale to the state, and whose
mortgage * * *,
deed of trust or security interest is still in force and effect, may
purchase * * * the
lands, regardless of acreage, owned by it as aforesaid or on which it held a
mortgage * * *,
deed of trust or security interest. In event of a purchase by such individual,
corporation or association as a mortgagee, * * * the lands shall be held for the
benefit of the mortgagor subject to all the terms and conditions of the
mortgage * * *,
deed of trust or security interest held by the * * * purchaser
and, upon payment of the debt secured by * * * the mortgage * * *, deed of trust or security
interest, together with interest and incidents, * * * the purchaser
shall in that event reconvey * * * the lands to the original
mortgagor, his heirs or assigns.
* * *
(2) Upon the satisfaction of conditions under subsection (1) of this section, ownership and possession of state tax-forfeited lands sold under the provisions of this section shall be transferred to the purchaser within twenty (20) days of the date of purchase, but in no instance shall the transfer of ownership of the lands occur more than thirty (30) days after the purchase has been completed.
SECTION 2. This act shall take effect and be in force from and after July 1, 2013.