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Surplus funds glossary

Property, proceeds, and the words that distinguish one claim from another.

9 terms

Court order: A court's direction in a case. The Indiana mortgage-foreclosure facts describe distribution of surplus as the court orders under Ind. Code § 32-30-10-14.
Excess proceeds: Money remaining from sale proceeds after the amounts required by the applicable sale rules. The Kansas tax-foreclosure facts use the excess above the tax judgment and allocated costs under K.S.A. § 79-2803.
Mortgage foreclosure surplus: Remaining proceeds from a mortgage foreclosure sale. In Indiana, Ind. Code § 32-30-10-14 directs these proceeds to the court clerk for distribution as the court orders.
Overplus: A term used for remaining sale proceeds. Iowa Code § 654.7 directs mortgage-foreclosure overplus, after the mortgage and costs, to the mortgagor when no other lien exists.
Property redemption: A right concerning getting the property back. It is separate from a claim to remaining sale proceeds; Illinois foreclosure redemption under 735 ILCS 5/15-1603 is a separate right from surplus distribution under § 15-1512.
Sale confirmation: A court step concerning a sale. In Illinois, 735 ILCS 5/15-1507 governs conduct and confirmation of a mortgage foreclosure sale, while § 15-1512 controls distribution.
Surplus claim: A request for remaining sale proceeds, rather than a request to recover the property. The governing sale rules and claim timing must be read separately from property-redemption rules.
Tax-sale surplus fund: A fund for tax-sale surplus proceeds. Indiana's fund is governed by Ind. Code § 6-1.1-24-7, which addresses eligible claimants and disposition of unclaimed balances.
Unclaimed-property claim: An owner claim under the applicable state's unclaimed-property law. Illinois owner claims are governed by 765 ILCS 1026/15-903 and 15-904; special tax-deed surplus periods remain controlling before transfer.

Examples refer to the named state, not a nationwide rule.

General information, not legal advice. Laws change. Contact Berkshire Law to discuss your situation. No attorney-client relationship is created by reading this page.