The purchaser of any land sold by the board of university and school lands, or the purchaser’s heirs, executors, administrators, or assigns, shall pay to the commissioner of university and school lands any amounts that may become due from time to time upon the contract for principal, interest, and penalties. The commissioner shall report and pay to the state treasurer daily all collections of principal, interest, and penalty payments. At the time of such payment to the state treasurer, the commissioner shall apportion the amounts paid to the funds to which the same are applicable and shall certify such apportionment.

Terms Used In North Dakota Code 15-08-11

  • Contract: A legal written agreement that becomes binding when signed.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
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