Nebraska Statutes 72-503. Lease; default; forfeiture; effect
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If the lessee defaults in the payment of his interest or rental for more than one year, the Board of Educational Lands and Funds may cause notice to be given and a forfeiture declared as provided by law regulating the leasing of school lands, and when so forfeited the land shall be again offered for lease after having been advertised as provided by law.
Source
- Laws 1889, c. 94, § 7, p. 582;
- R.S.1913, § 5878;
- C.S.1922, § 5240;
- C.S.1929, § 72-503;
- R.S.1943, § 72-503.
Terms Used In Nebraska Statutes 72-503
- 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
- Year: shall mean calendar year. See Nebraska Statutes 49-801