§ 15-6-416 — Assessments; property held in trust; creation and discharge thereof

If any property is bid in by or stricken off to any city or town
under any proceeding of this chapter, the property shall be held
in trust by the city or town for the fund of the improvement
district for which the assessment was levied to the extent of
the assessment or installment for which the property was sold,
with penalty, accrued interest and interest on the installment
to time of next call for bonds or warrants. The city or town,
at any time after receiving a deed, may pay the fund the amount
of the delinquent assessment for which the property was sold and
all accrued interest and interest to the time of the next call
for bonds or warrants issued against the assessment fund at the
rate provided, and thereupon take and hold the property
discharged of the trust.