After the requirements are met, all liens, including mortgage liens, but not including state or Federal tax liens, are removed from the parcel and the property will be transferred according to the directions of the tax sale lien holder.

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In fact, many of the cardinal sins of financial excess seem to be part-and-parcel of the ETF business these days: extreme leverage, market manipulation and tax bills that can blindside unsuspecting investors, to name a few.

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