Terms Used In Kansas Statutes 79-2706

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

Where real estate is foreclosed and sold for taxes, and bid in at such foreclosure sale for the county and the board of county commissioners have been unable to sell the same for a price which they deem adequate, the board of county commissioners may lease such real estate for a period of not to exceed one year, and may continue to so lease the same until the board of county commissioners shall sell the same.