(a) When the report of the appraisers has been filed with the Commissioner of State Lands, he or she shall notify the applicant of the value of the land as fixed by the appraisers and, upon the applicant's paying into the State Treasury the value of the lands as determined by the report of the appraisers and presenting his or her receipt to the Commissioner of State Lands, the Commissioner of State Lands shall issue a patent conveying to the applicant all the right, title, interest, and claim which the State of Arkansas may have acquired in and to the lands by virtue of 9 Stat. 519, Ch. 84.
(b) In no event shall any of the lands known as swamp and overflowed lands in this state be sold for less than two dollars and fifty cents ($2.50) per acre.
(c) Should the applicant fail and neglect to pay into the State Treasury within a period of six (6) months from the date of the filing of the appraisers' report with the Commissioner of State Lands the amount necessary to purchase the lands, the Commissioner of State Lands may thereafter, for a period of three (3) years from the date of the filing of the appraisers' report, convey the land to any other person who may apply to purchase the land and pay into the State Treasury the price therefor as determined by the appraisers.
(d) If the land is not sold within three (3) years after the date of the filing of the appraisers' report with the Commissioner of State Lands, it cannot thereafter be sold or conveyed to anyone by the Commissioner of State Lands until the land has been reappraised in like manner as provided by this subchapter.