§ 15-08-12 — Cancellation of contracts of sale for default - Notice - Recording cancellation

cancellation.
If the annual interest or any installment of the purchase price is not paid within thirty days
after the same becomes due under the provisions of any contract for sale, or if the taxes are not
paid upon the lands described in said contract in accordance with the provisions of the contract,
the contract is voidable from the time of any such default. The board of university and school
lands, in the case of any voidable contract, may declare the contract canceled by a resolution
adopted for that purpose. Upon such declaration of cancellation, the board shall notify the
holder of the contract by a written notice mailed to the holder's post-office address as shown by
its records and shall cause a certified copy of such resolution to be forwarded to the county
auditor. A certified copy of the resolution may be recorded in the office of the recorder. The
resolution operates as a complete and final cancellation of the contract without any order or
decree of a court except that the purchaser's rights and liabilities continue until the expiration of
the period of redemption. Upon the expiration of the period of redemption after cancellation of
any such contract, the board shall order the commissioner to take possession of the land
described in the contract and serve notice of the expiration of the period of redemption upon the
purchaser and the county auditor. When a contract has been canceled and not redeemed, the
land described therein may not be listed thereafter for taxation until it has been resold.