Arizona Revised Statutes § 48-1598 Issuance Of Certificate Of Release Upon Payment Of Bonded Indebtedness; Exception

48-1598. Issuance of certificate of release upon payment of bonded indebtedness; exception

Upon full payment of the indebtedness upon any parcel or parcels of land as provided by this chapter, the treasurer shall issue a certificate reciting the fact of such payment and deliver the certificate to the person making the payment. The certificate may be recorded in the office of the county recorder of the county in which the parcel or parcels of land are located and from delivery thereof the certificate shall operate as a release and discharge of the lands described therein from any further taxation to meet payments of principal or interest upon district bonds then outstanding, except in the event of default of the district in payment of the bonds at maturity, taxes may be levied on such parcel or parcels of land to meet the deficiency. If property so released is taxed to pay the deficiency it shall be entitled to all benefits accruing from the purchase of lands sold at tax sales.

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Last modified: October 13, 2016