§171-62  Sales; payment, default.  Whenthe board of land and natural resources is authorized to sell, it may do soupon part credit and part cash, the balance to be paid in stated installments,and deliver possession of the premises under an agreement of sale.  The rate ofinterest on the agreement of sale shall not exceed the current rate ofinterest.  Upon payment of the purchase price, plus interest, and upon dueperformance of the conditions of the sale, the purchaser shall be entitled to aland patent or a deed to the premises.

If any default is made in payment or in theperformance or observance of any condition of sale, the sale or agreement ofsale shall be forfeited upon notice of default by the board as provided insection 171-20. [L 1962, c 32, pt of §2; Supp, §103A-58; HRS §171-62]

 

Case Notes

 

Decisions under prior law.

  Commissioner may impose conditions on sales of public lands.41 H. 461.