(a) If the purchaser, or the purchaser's vendee, fails or refuses to reconvey to such party entitled and offering to redeem, as set forth in this chapter, such party so paying or tendering payment shall have the right to file in the chancery court a bill to enforce the purchaser's rights of redemption.
(b)
(1) In any suit to enforce a right of redemption brought by a transferee from the debtor:
(A) The debtor shall be made a party;
(B) The suit shall be dismissed on the motion of any party if it appears that the transferee is engaged in speculation or profiteering in such rights of redemption;
(C) Such speculation and profiteering shall be presumed if it appears that the transfer of the right of redemption was made for a consideration less than the fair market value of the real property minus the amount the debtor would have been required to pay to redeem the property under this chapter; and
(D) The party seeking to redeem the real property shall complete the tender required by this chapter by paying the amount required for redemption to the clerk of the court.
(2) It is the intent of this subsection (b) to further the public policy of the state to protect the interests of owners of real property subject to debt and to prohibit the profiteering and speculation in rights of redemption.
(3) The purpose of this subsection (b) is remedial and it shall be construed to apply to any existing rights of redemption. This subsection (b), however, shall not apply to any rights of redemption arising out of judicial foreclosures or tax sales.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.