5-9-10. Terms of installment sale--Interest--Prepayment option.
193 words·~1 min read·
/sd/title-5/chapter-5-9/5-9-10A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purchaser of common school lands and other lands donated for educational and charitable purposes, except those sold for cash, shall pay at least thirty percent of the purchase price in cash and the remaining seventy percent of the purchase price shall be paid in equal installments of three and one - half percent of the total purchase price on the first day of January of each succeeding calendar year until the whole is paid with interest thereon at a rate established annually by the commissioner of school and public lands, payable annually on the first day of January each year.
The commissioner shall establish such interest rate by rules promulgated pursuant to chapter 1-26 . The interest rate shall be not less than one and one - half percent above the New York prime lending rate existing at the end of May first of each year. The purchaser shall have the right or option of paying the balance or any number of installments on any date. The Board of Regents and the executive branch may sell extraneous real property as specifically authorized by the Legislature under the conditions prescribed in this section.