R850-80-400. Deposits on Nominated Parcels

(1) If the director evaluates a parcel of trust lands for sale due to a nomination by an interested party, the director may require the nominator to deposit funds to offset the costs incurred by the agency to prepare the subject parcel for sale. (2) If the nominator purchases the subject parcel, the director shall credit the deposit against those costs and fees charged by the agency pursuant to Subsections R850-80-610(5) and R850-80-620(6). (3) If the director does not offer the subject parcel for sale or if a party other than the nominator is the successful bidder, the director may refund the deposit to the nominator. If the subject parcel is offered for sale but no credible bids are received by the agency, the agency may retain the deposit. A bid less than a disclosed minimum acceptable purchase price is not a credible bid.