60-4-205. Private sale if no bid or offer.
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/mt/title-60/chapter-4/part-2/60-4-205·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
60-4-205 . Private sale if no bid or offer.
(1)If, after proper notice is published, the department does not receive a bid at public sale or an offer from the original owner or the owner's successor in interest, it may at any time sell the interest at private sale. At the sale, the department may accept as the purchase price an amount of money not less than 90% of the appraised value.
(2)Title to an interest may not pass from the state until the purchaser has paid the full amount of the purchase price into the state treasury to the credit of the department.