A.The grounds undisposed of within the townsite, the title of which remains in the trustee, may be sold at public auction when the trustee deems it advisable. The trustee shall appoint three persons to appraise the lots the trustee desires to sell, and they shall take oath to faithfully and impartially appraise the value of the lots.
B.On making the appraisement, the trustee shall give notice of the sale by publication. At the time and place specified in the notice, the trustee shall offer the lots for sale separately to the highest bidder, but for not less than the appraised value of the lots.
C.Any person who has actually settled and made improvements to the value of not less than $100 on any lot, may make application to purchase the lot any time before sale, and accompany the perso
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A. The grounds undisposed of within the townsite, the title of which remains in the trustee, may be sold at public auction when the trustee deems it advisable. The trustee shall appoint three persons to appraise the lots the trustee desires to sell, and they shall take oath to faithfully and impartially appraise the value of the lots.
B. On making the appraisement, the trustee shall give notice of the sale by publication. At the time and place specified in the notice, the trustee shall offer the lots for sale separately to the highest bidder, but for not less than the appraised value of the lots.
C. Any person who has actually settled and made improvements to the value of not less than $100 on any lot, may make application to purchase the lot any time before sale, and accompany the person's application with the amount of the appraised value and $5 for each lot as compensation for making the deed, which shall be returned by the trustee, if it is finally determined that the party is not entitled to a deed, after first deducting any costs or fees that may be due from the party.
D. The trustee shall hear proof as to the right of preference before executing the trustee's deed. If the application is denied, the applicant may bring an action in the superior court against the trustee and any adverse claimant to determine the applicant's right to a deed under the application, and the lot shall not be sold until the action is determined.
E. The trustee shall execute a deed to the purchaser on payment of the purchase price, and $5 for each lot sold, to be retained by the trustee as the trustee's compensation. The fees for the trustee for applications for preferred right shall be $.20 per folio for filing and recording. Contests between applicants shall be transferred to the superior court for determination.
F. The proceeds of the sales shall be applied to the payment of the costs and expenses of sale and appraisal, and any surplus shall be paid as directed in this article in the case of other surplus funds in the hands of the trustee.