257B.7 - SALE ON CREDIT -- TAXATION -- WASTE.

        257B.7  SALE ON CREDIT -- TAXATION -- WASTE.
         When lands are sold upon a partial credit, the contract therefor
      shall be at once reduced to writing, signed by the proper parties,
      recorded in the county where the land is situated, and immediately
      thereafter filed in the office of the county auditor.  Any purchaser
      or the purchaser's assigns may at any time pay the full amount for
      lands with accrued interest, and receive from the county auditor a
      certificate of purchase, which shall be at once transmitted to the
      secretary of state and will entitle the holder to a patent for the
      lands, to be issued by the secretary of state and the governor.  All
      school lands sold in pursuance of law shall be subject to taxation
      from and after the execution and delivery of a contract of purchase.
      All sales made, where the full price is not paid, shall be subject to
      the law relative to the prevention or punishment of waste, and in all
      such cases the township trustees in each township are charged with
      the duty of preventing the commission of waste upon any school lands
      lying in their township, and, if attempted, they shall apply by
      petition for an injunction to stay the same, and if granted the writ
      shall issue without bond, and the court issuing it may make such
      order in the premises as shall be equitable and best calculated to
      prevent threatened injury, and may adjudge damages for any injury
      done, the costs to abide the event of the action, and the damages
      adjudged shall be paid to the county treasurer and the county
      treasurer shall forthwith pay the same to the state treasurer which
      shall become a part of the permanent school fund.  
         Section History: Early Form
         [R60, § 1972, 1973, 1976--1978; C73, § 1851, 1852, 1856--1858;
      C97, § 2843; C24, 27, 31, 35, 39, § 4475; C46, 50, 54, 58, 62,
      66, 71, 73, 75, 77, 79, 81, § 302.7] 
         Section History: Recent Form
         C93, § 257B.7