(1) All loans for deferred real property taxes, including accrued interest, shall become payable subject to sections 39-3.5-111 and 39-3.5-112 when:
(a) The taxpayer who claimed the tax deferral dies;
(b) The property on which the taxes were deferred is sold or becomes subject to a contract of sale, or title to the property is transferred to someone other than the taxpayer who claimed the tax deferral;
(c) The property is no longer the homestead of the taxpayer who claimed the deferral, except in the case of a taxpayer required to be absent from such tax-deferred property by reason of ill health;
(d) The tax-deferred property no longer meets the requirements of section 39-3.5-103 (1)(c) or (1)(f);
(e) The location of the tax-deferred mobile home has changed either within the county or to another county.
(2) When the assessor or treasurer has reason to believe any of the circumstances enumerated in this section has occurred, he shall promptly notify the state treasurer.
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