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4200-4202 Recurring Transactions: Redemptions

4200. REDEMPTION IN FULL
If all property covered by an abstract sheet is redeemed, the redemption penalties for each year should be extended and the total redemption amount listed (M-5102).

4201. PARTIAL REDEMPTION
When a partial redemption is made, a new abstract should be prepared for each parcel or interest redeemed, with each cross-referenced to the original.

The abstract pertaining to the portion being redeemed should be processed as a redemption in full (M-4200). The abstract pertaining to the unredeemed property should be retained in the abstract. The original abstract is then transferred to the inactive file. See M-4402.

NOTE: Installment redemption payments are not considered partial redemptions (Rev. & Tax. Code §§4216-4226).

4202. INSTALLMENT PLAN
Abstracts covering property placed under an installment redemption plan should be so noted on the face. The installment payment record should be kept on the reverse side of the abstract or, alternatively, in a supplemental file.

See form SCO 5-03.

The abstract should be kept in the active file until redemption is completed and then transferred to the inactive file (M-4402).