North Dakota Code 15-06-26 – Manner of sale – Purchase price
Current as of: 2023 | Check for updates
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At the time appointed for the sale, the commissioner of university and school lands, the commissioner’s deputy, or any other person appointed by the commissioner shall proceed to sell or offer for sale the land so advertised to be sold at public auction to the highest bidder. The sale must be held at the county seat, in the county in which the land is situated. A tract may not be sold for less than the fair market value thereof or for less than ten dollars per acre [.40 hectare].
Terms Used In North Dakota Code 15-06-26
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49