Failure to pay bid; effect
Sec. 8. When one who purchases real property at a tax sale fails to
pay the bid, the real property shall again be offered for sale. A
purchaser who fails to pay the bid shall pay a penalty of twenty-five
percent (25%) of the amount of the bid. The county prosecuting
attorney shall initiate an action in the name of the state treasurer to
recover the penalty. Amounts collected under this section shall be
deposited in the common school fund of this state.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.139-2001,
SEC.7.
Last modified: May 28, 2006