§ 5-414. Money and proceeds

   (a) Return of money to tax collector. -- Money received by an authority as payment of taxes, penalties, or interest, or from the redemption or sale of property subject to a tax lien of any taxing unit, shall be returned to the tax collector in the jurisdiction where the property is located for distribution on a pro rata basis to the appropriate taxing units in an amount equal to delinquent taxes, penalties, and interest owed on the property.

(b) Retention of proceeds. -- Proceeds received by an authority may be retained by the authority for the purposes of this subtitle, unless otherwise designated by:

   (1) an agreement of the authority;

   (2) the provisions of a deed;

   (3) this subtitle; or

   (4) any other law.

HISTORY: An. Code 1957, art. 23A, § 65; 2013, ch. 119, § 2.