§ 15-06-18 — Resale to original contractholder or heirs or assigns - Condition and terms

When land has been sold on contract as provided in this chapter and the purchaser, or the
purchaser's heirs or assigns, have been unable to pay for the land purchased within twenty
years after the date of purchase and such contract is in default and subject to cancellation, and
when such inability to pay under the contract has been caused in whole or in part by reason of
successive crop failures, the board of university and school lands, if requested so to do by such
purchaser, or the purchaser's heirs or assigns, after it has declared such contract terminated,
may resell the land described therein to such purchaser, or to the purchaser's heirs or assigns,
for the amount of the unpaid principal of the original purchase price plus the amount of unpaid
accrued interest, but in no case may the resale price be more than the original sale price. Upon
such resale, a contract of resale must be issued to the purchaser upon the same terms as were
contained in the original contract except that the contract of resale may provide that the
purchaser may pay the first one-fifth of the resale price in five equal successive annual
installments, the first to be paid at the time of execution of the contract, and that such contract
shall bear interest at the rate of three percent per annum payable annually.