N.D. Admin. Code 85-04-09-05

Current through Supplement No. 394, October, 2024

Section 85-04-09-05 - Reversion clause

Any conveyance must contain a reversion clause stipulating that if the property is at any time not used for its stated purpose at the time of purchase, the board may terminate the estate created by the conveyance and repossess the property. The power of termination and re-entry may be exercised by the board without reimbursement to the purchaser of any part of the purchase price, and without payment of any other consideration.

N.D. Admin Code 85-04-09-05

Adopted by Administrative Rules Supplement 2020-379, January 2021, effective 1/1/2021.

General Authority: N.D. Constitution article IX, § 6; NDCC 28-32-02

Law Implemented: NDCC 15-09