29-1-47 - Purchase price forfeited.
§ 29-1-47. Purchase price forfeited.
On the cancellation of the contract of sale, as provided in the preceding sections of this chapter, that portion of the purchase price paid by the purchaser shall be forfeited to the state as liquidated damages, and the contract purchaser shall lose all rights which he had under the contract of sale. If any waste has been committed or allowed by the purchaser on said land, said purchaser shall, in addition to the liquidated damages, be liable for all actual damages to said land.
Sources: Codes, 1942, § 4083; Laws, 1936, ch. 174.