15-08-09. Contracts may be surrendered and two or more contracts issued in lieu thereof

15-08-09. Contracts may be surrendered and two or more contracts issued in lieu thereof. When the holder of a contract of purchase surrenders the same to the commissioner of university and school lands with a written request to have it divided into two or more contracts, the commissioner, when the application has been approved by the board of university and school lands, may issue new contracts accordingly, but no new contracts may be issued: 1. When any interest, principal, or taxes on the contract or the land described therein are due and unpaid; or 2. When the commissioner is of the opinion, after an examination of the land, if such examination is necessary, that the security would be impaired or endangered by the proposed division. When any application proposes the division of the land into irregular tracts or tracts other than the regular government subdivisions, the applicant shall file with the commissioner a plat of the land showing the boundaries and area in acres [hectares] of each subdivision. The commissioner shall collect a fee of five dollars for each new contract issued under the provisions of this section.