Section 4527 Of Chapter 3. Sale Of Tax Certificates From California Revenue And Taxation Code >> Division 1. >> Part 7.5. >> Chapter 3.
4527
. (a) The tax collector shall pay to the holder of a tax
certificate, from amounts on deposit in the Tax Certificate
Redemption Fund, an amount equal to the purchase price of the tax
certificate, together with interest thereon at a rate equal to the
rate the county would have to pay on any refund to a taxpayer for the
same fiscal year, that rate to be applied to all amounts paid with
respect to the certificate from the date of the sale of the tax
certificate, and shall cancel the tax certificate if any of the
following occur:
(1) The taxes and assessments assigned by the tax certificate had
been paid prior to the sale of the tax certificate.
(2) After the sale of the tax certificate, the taxes and
assessments assigned by the tax certificate are canceled for any
reason other than the payment of the taxes and assessments.
(3) The lien on the parcel specified in the tax certificate is
removed, other than pursuant to Section 2195 or 4105.2, or by order
of the federal bankruptcy court, prior to the time the holder of the
tax certificate has received all amounts due under the tax
certificate.
(4) The parcel specified in the tax certificate is deeded to a
taxing agency pursuant to Chapter 8 (commencing with Section 3771) of
Part 6.
(5) Upon the request of the holder of the tax certificate, when
there has been a violation of Section 3441 with respect to the parcel
specified in the tax certificate.
(b) Promptly after obtaining knowledge of any occurrence described
in subdivision (a), the tax collector shall notify, in writing, the
holder of the applicable tax certificate.
(c) If the delinquency penalty assigned by a tax certificate is
canceled pursuant to Section 2610.5 or Section 4985.2, or for any
other reason other than the payment in full of the penalty, then, at
the option of the holder of the tax certificate, the tax collector
shall, from amounts on deposit in the tax certificate redemption
fund, do either of the following:
(1) Pay to the holder of the tax certificate an amount equal to
the purchase price of the tax certificate, together with interest
thereon at a rate equal to the rate the county would have to pay on
any refund to a taxpayer for the same fiscal year, that rate to be
applied to all amounts paid in respect of the certificate from the
date of the sale of the tax certificate, and cancel the tax
certificate.
(2) Pay to the holder of the tax certificate an amount equal to
the difference between the purchase price of the tax certificate and
the total amount of taxes and assessments assigned by the tax
certificate, together with interest on that amount at a rate equal to
the rate the county would have to pay on any refund to a taxpayer
for the same fiscal year, that rate to be applied to all amounts paid
in respect of the certificate from the date of the sale of the tax
certificate, and adjust the information contained in the tax
certificate and the tax certificate record accordingly.
(d) If a redemption certificate is issued pursuant to Section
4105.2 with respect to a parcel specified in a tax certificate, and
all amounts assigned under the tax certificate, including, without
limitation, amounts due under Section 4103, are not paid to the
holder of the tax certificate, the tax collector shall immediately
pay to the holder of the tax certificate, from amounts on deposit in
the Tax Certificate Redemption Fund, any amount so assigned but not
paid.
(e) The tax collector may use amounts on deposit in the Tax
Certificate Redemption Fund to make the payments permitted under
Sections 3729, 3731, 4920, and 5103.