69-5-827 - Sales for cash subject to redemption Time and terms of redemption Title and possession. - Tennessee Statutes

69-5-827. Sales for cash subject to redemption Time and terms of redemption Title and possession.

When any sale pursuant to the preceding sections has been made by decree of the chancery court, it shall be made for cash, and the owners of lands so sold shall have two (2) years from the date of the confirmation of such sale in which to redeem the same by paying to the clerk and master of such court making the sale the amount paid by the purchaser of the land, with legal interest on the amount paid, to the date of redemption, and also a further sum equal to ten percent (10%) of the amount so paid by the purchaser for the land; provided, that if the owner elects to, and does, within twelve (12) months after such confirmation of sale, pay into the hands of the clerk and master one fifth (1/5) of the amount paid by the purchaser for the land together with one fifth (1/5) of the penalty of ten percent (10%) and interest as above provided, and thereafter pays one fifth (1/5) of such amounts annually, the owner's equity of redemption shall not expire until five (5) years from the date of the confirmation of sale, and no writ of possession shall issue as long as the payments are being made, and the owner shall enjoy the rents and profits. If the amount of the purchase price of the land, together with the penalty of ten percent (10%) and interest at the legal rate, be paid within five (5) years in the manner above provided, the decree of confirmation shall be of no effect, and the title to the land shall be divested out of the purchaser and vested in the owner and the owner's heirs and assigns; provided, that the original owner shall have possession for agricultural, and all other purposes, except the removal of timber, during the time allowed for redemption; and provided further, that all decrees of confirmation entered after April 9, 1929, regardless of when the sale has been had or may be had, shall be made subject to these rights of redemption and of possession, and shall recite the same in the decree. But any purchaser at a sale made previous to April 9, 1929, may, on application to the court, be released from the bid.

[Acts 1909, ch. 185, § 33; Shan., § 3871a130; Acts 1929, ch. 73, § 1; mod. Code 1932, § 4362; T.C.A. (orig. ed.), § 70-1331; T.C.A. § 69-6-827.]