21-36-22. Personal property sold--Proceeds held in special fund--Fixtures treated as personal property--Credit to school fund.
164 words·~1 min read·
/sd/title-21/chapter-21-36/21-36-22A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Personal property, other than money, shall be converted into cash by the receiver appointed by the court, or the administrator of the estate, under the direction of the court, and the proceeds thereof together with all moneys recovered, after first deducting the costs and expenses of the suit, shall be delivered to the commissioner of school and public lands to be by him placed in a special fund pending the expiration of the time in which the right of recovery under the provisions of § 21-36-24 shall continue; provided, that for the purposes of this section all permanent fixtures on said real estate of an appraised value less than one thousand dollars, as determined by the Board of Appraisal provided for in § 5-9-3 , shall be deemed personal property.
Upon the expiration of the time in which such right of recovery shall exist all moneys so recovered and all accruals and additions thereto shall be placed to the credit of the school fund.