South Dakota Codified Laws 5-5-29. Deposit by new lessee or purchaser to cover improvements–Election by owner toremove improvements
If any permitted improvement is located on any school or endowment land and the land has been offered for lease or sale and a person other than the owner of the improvement is the highest bidder, the bidder shall deposit with the county auditor a receipt showing payment of the amount due before the lease or sale is made. In addition, the highest bidder shall deposit with the county treasurer an amount equal to the appraised value of each improvement as determined by the board of appraisal or an amount agreed between the successful bidder and the owner of the improvement. The owner of the improvement may elect to remove the improvement.
Terms Used In South Dakota Codified Laws 5-5-29
- Appraisal: A determination of property value.
- 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
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1917, ch 339, § 19; RC 1919, § 5651; SL 1923, ch 254; SDC 1939, § 15.0416; SL 1971, ch 29, § 1; SL 2018, ch 45, § 1.