15-06-28. Execution of contract - Failure

15-06-28. Execution of contract - Failure Immediately upon the sale by the board of university and school lands, the purchaser shall execute a purchase agreement for a cash sale or a contract in the form prescribed by the board. The failure of a purchaser to execute a purchase agreement or a contract constitutes a forfeiture of the payment made at or before the sale. When a purchase agreement or contract is executed properly by the commissioner, a copy must be delivered to the purchaser.