If an owner does not regain possession of the property in the one-year period following entry of an order granting temporary possession of the property to the organization, the organization may file a petition for judicial deed and, upon due notice to the named defendants, an order may be entered granting a quitclaim judicial deed to the organization. A conveyance by judicial deed shall operate to extinguish all existing ownership interests in, liens on, and other interest in the property, except tax liens.

(L. 1993 S.B. 376 § 11, A.L. 1994 S.B. 513, A.L. 2002 H.B. 1634 merged with S.B. 1086 & 1126)