37-261. Authority to auction reversion rights
105 words·~1 min read·
/az/title-37/37-261A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. If this state has held a right of reversion with respect to any land sold under this article for ten years without exercise or encumbrance, the commissioner may order the right of reversion to be appraised and offered for sale at public auction. The commissioner shall prescribe a minimum acceptable bid.
B. The purchaser shall agree in writing to indemnify and hold harmless this state, the department and the commissioner against all liability with respect to the land.
C. The commissioner shall deposit, pursuant to sections 35-146 and 35-147, the revenues from the sale in the appropriate fund under article 13 of this chapter.