5-10-24. Maximum price bid by state--Allowance for prior encumbrances.
The maximum price which the commissioner of school and public lands shall bid for any such property at any such sale shall be determined by an appraisement, to be made in the same manner that the school and public lands of the state are by law required to be appraised, but such price shall never exceed the amount of prior encumbrances, judgments, interest, and costs.
Source: SL 1911, ch 224, §84; RC 1919, §5714; SDC 1939, §15.0608.
Structure South Dakota Codified Laws
Title 5 - Public Property, Purchases and Contracts
Chapter 10 - State School And Endowment Funds
Section 5-10-1.1 - Board of Regents endowed institution interest and income fund created.
Section 5-10-1.2 - Board of Regents endowed institution interest and income fund--Allocation.
Section 5-10-3 - Accounts and records maintained by commissioner.
Section 5-10-5 - Annual statement to counties of sale and lease payments coming due.
Section 5-10-16 - Delivery of payment by lessee or purchaser to state treasurer.
Section 5-10-17 - Credit to school and endowment fund.
Section 5-10-18 - Investment of permanent school funds.
Section 5-10-18.3 - Adjusting funds by rate of inflation--Procedure.
Section 5-10-23 - Bidding and purchase by state at judgment sale of school and public lands.
Section 5-10-24 - Maximum price bid by state--Allowance for prior encumbrances.