70-30-322. Option of original owner or successor in interest to purchase at sale price. (1) Except as provided in subsection (3), the owner from whom the real property interest was originally acquired by eminent domain or otherwise or the owner's successor in interest, if there is a successor in interest, must be notified by the seller by certified mail and has a 30-day option from the date of a sale provided for in 70-30-321 to purchase the interest by offering an amount of money equal to the highest bid received for the interest at the sale.
(2) If bids are not received by the seller and the optionholder indicates in writing to the seller that the optionholder wishes to exercise the option, the seller must have the real property interest appraised and shall sell the interest at that price to the optionholder.
(3) When an interest, other than a fee simple interest, in property that has been acquired for a public purpose by right of eminent domain, or otherwise, is abandoned or when the purpose for which it was acquired is terminated, the property reverts to the original owner or the original owner's successor in interest.
History: En. Sec. 2, Ch. 440, L. 1981; amd. Sec. 2, Ch. 689, L. 1983; amd. Sec. 4, Ch. 666, L. 1985; amd. Sec. 81, Ch. 125, L. 2001; amd. Sec. 4, Ch. 512, L. 2007.
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