§ 150-194. Same—Conditions for cancellation of lien, etc.

(a)

In any case where the tax, penalty or interest secured by a recorded lien, privilege and mortgage have been paid, the director of the department of finance or his authorized assistants or attorneys may authorize the cancellation thereof.

(b)

In other cases, the director of the department of finance may authorize the cancellation or release of a lien, privilege or mortgage subject to the following terms and conditions:

(1)

The director, upon application of a taxpayer, may authorize the cancellation of any lien, privilege or mortgage or other encumbrance recorded by virtue of this chapter provided the taxpayer furnishes a surety bond in favor of the director executed by a surety company duly qualified to do business in this state in an amount of not less than 1½ times the amount of the obligation due, including penalties, interest and other costs incurred.

(2)

Subject to approval by the tax review committee, the director may authorize the release of any real property from the effect and operation of any lien, privilege, mortgage or other encumbrance recorded by virtue of this chapter, provided, that the director is satisfied that the remaining real property belonging to the tax debtor and upon which lien, privilege and mortgage bears is valued at not less than the amount of the remaining tax obligation, including all penalties, interest and other costs incurred, and the amount of all prior liens upon such property. In determining the value of the remaining property due consideration shall be given to prior ranking encumbrances, if any exist on such property.

(3)

Subject to the approval of the tax review committee, the director may issue a certificate of release of any part of the property subject to any lien, privilege, mortgage or other encumbrance recorded by virtue of this chapter if there is paid over to the director in part satisfaction of liability an amount determined by the director which shall not be less than the value of the interest of the city in the part to be so released.

(Code 1956, § 62-43)