Disposition of proceeds

The proceeds of a sale pursuant to this Subpart in excess of the statutory impositions, other governmental liens, costs of the sale, and other costs incurred by the political subdivision in holding and maintaining the property shall be held by the political subdivision for the benefit of persons holding an interest in the property for a period of one year from the date that notice is sent as provided by this Section. No later than thirty days after the date of the sale, the political subdivision shall notify each tax lien auction party of the excess funds being held for the benefit of persons holding an interest in the property. Any person holding an interest in the property may submit an application to receive that person's portion of the proceeds by submitting an affidavit to the political subdivision asserting the facts necessary to prove their interest in the property and the proportion of the proceeds to which they are entitled. If no application to receive the excess bid is received timely, the excess bid shall revert to the selling political subdivision.