Section 1320-02-01-.39 - ADMINISTRATION OF REAL ESTATE(1) The Commissioner or his delegate may sell any real estate owned or held by the state under the provisions hereinabove stated, relating to sale of personal property except where the context thereof is specifically inapplicable to real estate.(2)(a) Upon payment in full of the purchase price, the Commissioner or his delegate shall execute a quit claim deed to the purchaser. Such deed shall be considered and operate as a conveyance of all the right, title, and interest the state had in and to the real property thus sold.(b) Until real estate is sold, the Commissioner or his delegate may, in the exercise of his discretion and if such action is deemed to be in the best interest of the state, lease such property to the debtor or any other person considered to be an acceptable lessee by the Commissioner or his delegate. The terms of such lease shall be in accordance with instructions issued by the Commissioner, provided that a lease to anyone other than the debtor shall be made subject to the latter's right of redemption.(c) In cases where real estate has or may become the property of the state in payment of or as security for a debt and such debt shall have been paid, together with interest and penalties payable thereon, to the state at any time from the date of the acquisition of such real estate to the date of sale of such to another person, the Commissioner or his delegate may release by deed or otherwise convey such real estate to the debtor from whom it was taken, or to his heirs or other legal representatives.(d) The Commissioner or his delegate shall account for the proceeds of all sales or leases, or releases of the property and for all expenses connected with the maintenance, sale, lease or release of the property, and the net proceeds shall be paid over by the Commissioner and distributed in the same manner as the subject tax.Tenn. Comp. R. & Regs. 1320-02-01-.39
Original rule filed June 7, 1974. Amendment filed June 22, 1989; effective September 27, 1989.Authority: T.C.A. §§ 67-1-1439 and 67-1-1436.