Rights of interest holders and owners

(a) Nothing in this part shall limit or restrict the right of an interest holder in real property that was of record, prior to the filing of the notice of lien lis pendens, to enforce its deed of trust, or to take any other action permitted under its deed of trust as long as prior notice is given to the court and the attorney general who filed the notice in accordance with this section. (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCCLien: A claim against real or personal property in satisfaction of a debt.Mortgage: The written agreement pledging property to a creditor as collateral for a loan.Obtain: includes , but is not limited to, the taking, carrying away or the sale, conveyance or transfer of title to or interest in or possession of property, and includes, but is not limited to, conduct known as larceny, larceny by trick, larceny by conversion, embezzlement, extortion or obtaining property by false pretenses. See Tennessee Code 39-11-106Owner: means a person, other than an interest holder, who has an interest in property. See Tennessee Code 39-11-702Personal property: All property that is not real property.Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105Probable cause: A reasonable ground for belief that the offender violated a specific law.Property: means anything of value, and includes any interest in property, including any benefit, privilege, claim or right with respect to anything of value, whether real or personal, tangible or intangible. See Tennessee Code 39-11-702Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105Trustee: A person or institution holding and administering property in trust.written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105(b) (1) Pending any proceeding to forfeit real property, an interest holder who desires to take action under the mortgage or deed of trust shall give notice to the attorney general who filed the lis pendens of any action to be taken under the mortgage or deed of trust. (2) If the state has stipulated to the interest holder’s exemption from forfeiture of its interest and a judgment has been entered, then the interest holder may proceed to foreclose, in accordance with its mortgage or deed of trust, subject to the approval or conditions of the court. (3) When no judgment has been entered exempting the interest holder’s interest from forfeiture, the interest holder may not exercise its right to foreclose its deed of trust on the property, unless it gives the official who filed the lis pendens written notice at least twenty (20) days prior to the date of a foreclosure sale and indicates the time, date and place of sale and the balance owing on the debt. Upon receipt of the notice of foreclosure the official who filed the lis pendens may petition the court where the forfeiture action is pending to require that the foreclosure sale be subject to the approval or conditions of the court. Upon notice to the interest holder, the court may grant the request and upon those conditions as it deems just. (c) The court may enjoin any foreclosure sale when probable cause exists that the interest holder is a co-conspirator or accessory to the conduct giving rise to forfeiture. (d) Upon completion of a foreclosure sale of real property pending forfeiture, the interest holder or the interest holder’s trustee shall give written notice of the intended distribution of the proceeds of the sale to the official who filed the lis pendens. The interest holder shall deposit with the clerk of the court where the forfeiture action is pending all proceeds from the foreclosure sale in excess of the debt and fees and expenses secured by its deed of trust. If, however, the court has ordered that the sale be conducted under conditions or subject to the approval of the court, the interest holder shall file with the court proof under oath that those conditions were met and any proceeds of the sale ordered to be deposited with the clerk. If n