Section 6-5-247 Definitions. Unless the context otherwise requires, the words defined in this section shall have the following meanings when found in this article: (1) SALE or SOLD. Any execution, judgment, or foreclosure sale, whether the sale is made under any power of sale in any mortgage or deed of trust or statutory power of […]
Section 6-5-248 Who may redeem; priorities. (a) Where real estate, or any interest therein, is sold, it may be redeemed by: (1) Any debtor, including any surety or guarantor. (2) Any mortgagor, even if the mortgagor is not personally liable for payment of a debt. (3) Any junior mortgagee, or its transferee. (4) Judgment creditor, […]
Section 6-5-248.1 Application of Act 2015-79. (a) The amendments to Sections 6-5-248, 6-5-252, and 8-1-172, by Act 2015-79 are prospective and shall not apply to the following: (1) Sales made under a power of sale contained in any mortgage or junior mortgage dated prior to January 1, 2016. (2) Sales made pursuant to a statutory […]
Section 6-5-249 Rights under this article extended to executors and administrators. (a) The rights of redemption secured by this article may be asserted, within the time limit provided, by (1) the executor or administrator of any debtor or by the debtor’s heirs or devisees; (2) the executor or administrator of any mortgagor or by the […]
Section 6-5-250 Characterization of rights of redemption under this article. The statutory rights of redemption given or conferred by this article are mere personal privileges and not property or property rights. The privileges must be exercised in the mode and manner prescribed by statute and may not be waived in a deed of trust, judgment, […]
Section 6-5-251 Delivery of possession to purchaser on demand. (a) The possession of the land must be delivered to the purchaser or purchaser’s transferees by the debtor or mortgagor if in their possession or in the possession of anyone holding under them by privity of title, within 10 days after written demand for the possession […]
Section 6-5-252 Demand for statement of debt and lawful charges by person entitled to redeem. Anyone desiring and entitled to redeem may make written demand of the purchaser or his or her transferees for a statement in writing of the debt and all lawful charges claimed by him or her, and the purchaser or their […]
Section 6-5-253 Payment or tender of purchase money and other lawful charges, with interest. (a) Anyone entitled and desiring to redeem real estate under the provisions of this article must also pay or tender to the purchaser or his or her transferee the purchase price paid at the sale, with interest at the rate allowed […]
Section 6-5-254 Payment of value of permanent improvements; how value of improvements ascertained. (a) Any person offering to redeem must pay to the then holder of the legal title the value of all permanent improvements made on the land since the sale, and if the holder of the legal title cannot be ascertained, payment may […]
Section 6-5-255 Failure or refusal of purchaser to reconvey title. If the purchaser or his or her vendee or transferee fails or refuses to reconvey to such party entitled and desiring to redeem such title as the party acquired by the sale and purchase, such party so paying or tendering payment shall thereupon have the […]
Section 6-5-256 Settlement and adjustment of rights and equities by circuit court when complaint filed. Upon the filing of any complaint as provided in these sections and paying into court the amount of purchase money and the interest necessary for redemption and all lawful charges, if the written statement thereof has been furnished or, if […]
Section 6-5-257 Applicability. This article applies only to mortgages foreclosed after January 1, 1989. (Acts 1988, No. 88-441, p. 647, §11.)
