§ 270C.7108 — Application of Proceeds of Levy
Plain-Language Summary
Money from selling seized property goes first to pay the costs of the sale, then to pay the tax debt. Any money left over after the debt is paid goes back to the property owner.
270C.7108 APPLICATION OF PROCEEDS OF LEVY.
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Subdivision 1.Collection of liability.
Any money realized by proceedings under this chapter, whether by seizure, by surrender under section 270C.67, by sale of seized property, by sale of property redeemed by the state of Minnesota (if the interest of the state of Minnesota in the property was a lien arising under the provisions of section 270C.63), or by agreement, arrangement, or any other means shall be applied as follows:
(a) First, against the expenses of the proceedings; then
(b) If the property seized and sold is subject to a tax that has not been paid, the amount remaining after applying clause (a) shall next be applied against the tax liability (and, if the tax was not previously assessed, it shall then be assessed); and
(c) The amount, if any, remaining after applying clauses (a) and (b) shall be applied against the tax liability in respect of which the levy was made or the sale was conducted. §
Subd. 2.Surplus proceeds.
Any surplus proceeds remaining after the application of subdivision 1 shall, upon application and satisfactory proof in support thereof, be credited or refunded by the commissioner to the person or persons legally entitled thereto.
History:
History: History:
2005 c 151 art 1 s 84