§ 32-16-49 — Buyouts

Notwithstanding any other provision of law, if the court determines property subject to a
partition action under section 32-16-01 is held by two or more cotenants in which one or more
cotenants have an estate of inheritance, and a sale of the property is requested by one or more
cotenant or is required to avoid an inequitable partition, the court shall appoint a referee to
obtain an appraisal to determine the fair market value of the property. Upon the determination of
the fair market value of the property, the court shall notify all parties to the partition action of the
determination and amount of the appraisal. Upon receipt of the appraisal, a cotenant may
purchase all interests of cotenants requesting a sale of the property, at the appraised fair market
value of the selling cotenant's fractional interest in the property. If more than one cotenant offers
to purchase the interests of the cotenants requesting a sale of the property, the court shall
equitably allocate the interests among the purchasing cotenants.