53C-4-102 - Sale of trust lands -- Fair market value -- Determination of sale -- Advertising proposed sales -- Sale procedures -- Defaults.

53C-4-102. Sale of trust lands -- Fair market value -- Determination of sale --Advertising proposed sales -- Sale procedures -- Defaults.
(1) Trust lands may not be sold for less than the fair market value.
(2) (a) The director shall determine whether disposal or retention of all or a portion of aproperty interest in trust lands is in the best interest of the trust.
(b) When it is determined that the disposal of an interest in trust lands is in the bestinterest of the applicable trust, the transaction shall be accomplished in an orderly and timelymanner.
(3) The director shall advertise any proposed sale, lease, or exchange of an interest intrust lands in a reasonable manner consistent with the director's fiduciary responsibilities.
(4) (a) Any tract of trust land may be subdivided and sold, leased, or exchanged inaccordance with a plan or other action designating the land to be subdivided that is approved bythe director.
(b) The director may survey the tract and direct its subdivision.
(c) A plat of the survey shall be filed with the county recorder of the county in which theland is located and with the administration.
(5) Sale conditions, including qualification of prospective purchasers, shall be inaccordance with accepted mortgage lending and real estate practices.
(6) Upon the sale of land, the director shall issue to the purchaser a certificate of salewhich describes the land purchased and states the amount paid, the amount due, and the timewhen the principal and interest will become due.
(7) Upon payment in full of principal and interest and the surrender of the originalcertificate of sale for any tract of land sold, or payment in full of any amounts required to be paidfor the partial release of property, the governor, or the governor's designee, shall issue a patent tothe purchaser, heir, assignee, successor in interest, or other grantee as determined by the director.
(8) (a) If a purchaser of trust lands defaults in the payment of any installment of principalor interest due under the terms of the contract of sale, the director shall notify the purchaser thatif the default is not corrected within 30 days after issuance of the notice the director shall proceedwith any remedy which the administration may pursue under law or the contract of sale.
(b) The notice shall be sent by registered or certified mail to the purchaser at the latestaddress as shown by the records of the administration.
(c) If the default is not corrected by compliance with the requirements of the notice ofdefault within the time provided by the notice, the director may pursue any available remedyunder the contract of sale, including forfeiture.
(d) If forfeited lands are sold again to the same purchaser, the sale may be made by a newand independent contract without regard to the forfeited agreement.

Amended by Chapter 40, 2004 General Session