15-07 Sale and Lease of Nongrant Lands - North Dakota Statutes

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CHAPTER 15-07SALE AND LEASE OF NONGRANT LANDS15-07-01. Definitions. The terms "other than original grant lands" or "nongrant lands"mean all lands obtained by the board of university and school lands in any manner other than
that described in section 15-06-01.15-07-02. Rules and regulations for sale of nongrant lands - Powers of board. Theboard of university and school lands may make such rules and regulations not in conflict with the
provisions of this title as it deems necessary as to the manner, place, and time of payment of
principal and interest, the conduct of the business of selling and disposing of lands other than
original grant lands, and the terms and conditions of those sales. The board may sell nongrant
lands on amortized payment contracts, and renegotiate the terms of those contracts, so long as
the purchaser, at the time renegotiation is requested, has paid at least thirty percent of the
purchase price and the resulting contract is consistent with this chapter and with the board's
fiduciary responsibilities.15-07-03. Sale of nongrant lands authorized. The board of university and school landsmay sell nongrant land at either private or public sale as provided in this chapter. Any sale is
subject to any existing lease of the land.15-07-04. Sale requirements. Any land sold under the provisions of this chapter mustbe by public auction or sealed bids, except purchases under the provisions of section 15-07-10.15-07-05. Public sale of lands other than original grant lands - Notice. Repealed byS.L. 1987, ch. 193,