Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Revenue and Taxation Code
Part 6. Tax Sales
Chapter 2.2. Medium of Payment
3455. Cancellation on nonpayment. If any negotiable paper is not paid on due presentation for any reason, any record of payment made on any official record because of its acceptance shall be canceled, and the bid upon which the negotiable paper was accepted shall be voided as if no bid had been made, and the original owner's right of redemption is revived.
History.—Added by Stats. 1945, p. 1310, in effect September 15, 1945. Stats. 1988, Ch. 830, in effect January 1, 1989, substituted "the" for "such" before "negotiable" and deleted ", unless such right of redemption had already been terminated prior to the receipt of such bid" after "revived".