1. A land bank agency may be dissolved as a public body corporate and politic no sooner
than sixty calendar days after an ordinance or resolution for such dissolution is
passed by the city that established the land bank agency.
2. No less than sixty calendar days' advance written notice of consideration of such
an ordinance or resolution of dissolution shall be given to the land bank agency,
shall be published in a local newspaper of general circulation within such city, and
shall be sent certified mail to each trustee of any outstanding bonds of the land
3. No land bank agency shall be dissolved while there remains any outstanding bonds,
notes, or other obligations of the land bank agency unless such bonds, notes, or other
obligations are paid or defeased pursuant to the resolution, indenture, or other financing
document under which such bonds, notes, or other obligations were issued prior to
or simultaneously with such dissolution.
4. Upon dissolution of a land bank agency pursuant to this section, all real property,
personal property, and other assets of the land bank agency shall be transferred by
appropriate written instrument to and shall become the assets of the city that established
the land bank agency. Such city shall act expeditiously to return such real property to the tax rolls
and shall market and sell such real property using an open, public method that ensures
the best possible prices are realized while ensuring such real property is returned
to a suitable, productive use for the betterment of the neighborhood in which such
real property is located. Any such real property that was acquired by the dissolved land bank agency pursuant
to a sale conducted under section 140.190, 140.240, or 140.250 shall be held by the city in trust for the tax bill owners and taxing authorities
having an interest in any tax liens which were foreclosed, as their interests may
appear in the judgment of foreclosure and, upon the sale or other disposition of any
such property by such city, the proceeds therefrom shall be applied and distributed
in the following order:
(1) To the payment of the expenses of sale;
(2) To the reasonable costs incurred by such city in maintaining and marketing such
(3) The balance shall be paid to the respective taxing authorities that, at the time
of the distribution, are taxing the real property from which the proceeds are being
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.