77-6-403. Transfer of lease. (1) Except as provided in subsection (2), upon due proof that a person has acquired through foreclosure or conveyance the pledgor's or mortgagor's leasehold interest, the board shall transfer the lease to that person, who is subject to all the conditions, obligations, and liabilities and entitled to all the rights and privileges provided for in the lease. To authorize transfer of a lease, a decree of foreclosure must specifically refer to the lease or the leased premises, but neither the board nor the department is required to be named as a party to the action. The plaintiff shall, however, file a copy of the complaint with the department at the time it is filed with the court.
(2) Nothing in this section may be construed to require the board to complete the transfer of a lease to an assignee whom the board considers unqualified as a lessee of state lands.
History: En. Sec. 3, Ch. 52, L. 1947; R.C.M. 1947, 81-427; amd. Sec. 1, Ch. 679, L. 1991.
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