Arizona Revised Statutes § 48-3123 Issuance Of Certificate Of Release Upon Payment Of Bonded Indebtedness

48-3123. Issuance of certificate of release upon payment of bonded indebtedness

Upon full payment of the indebtedness upon any parcel of land as provided by this chapter, the county treasurer shall issue a certificate reciting the fact of such payment and deliver the certificate to the person making payment. The certificate may be recorded in the office of the county recorder of the county in which the parcel of land is located and from delivery thereof the certificate shall operate as a release and discharge of the lands described therein from further taxation to meet payments of principal or interest upon the district bonds then outstanding, except in the event of a default of the district in payment of the bonds at maturity, taxes may be levied on such parcel 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