§ 36-9-105 — Purchaser to pay owner appraised value of improvements; receipt

If any state lands are sold upon which surface improvements,
including irrigation works of any kind, have been made by a
lessee, or for which water rights or proportionate interests in
irrigation, reservoirs, canals, or systems, have been acquired,
the improvements, irrigation works and water rights shall be
appraised under the direction of the board. The purchaser of the
lands, upon which improvements and irrigation works have been
made, or for which water rights have been acquired as herein
provided for, shall pay the owner of such improvements,
irrigation works or water rights, as the case may be, the
current market value of the improvements unless a different
value is agreed to between the owner of the improvements and the
applicant thereof, and take a receipt therefor, and shall
deliver the receipt to the director before he shall receive a
patent or certificate of purchase. All such receipts shall be
filed and preserved in the office of state lands and
investments. For purposes of this section, "current market
value" means the replacement value of the lessee's improvement
at the time of transition of the lease, after the remaining
useful life of the improvement is considered.