2003 Minnesota Statutes

     94.11 Terms of payment. 

    Not less than ten percent of the purchase price shall be 
 paid at the time of sale with the balance payable as follows:  
 If the purchase price of any lot or parcel is $5,000 or less, 
 the balance shall be paid within 90 days of the date of sale.  
 If the purchase price of any lot or parcel is in excess of 
 $5,000, the balance shall be paid in equal annual installments 
 for not more than five years, at the option of the purchaser, 
 with principal and interest payable annually in advance at a 
 rate equal to the rate in effect at the time under section 
 549.09 on the unpaid balance, payable to the state treasury on 
 or before June 1 each year.  Any installment of principal or 
 interest may be prepaid.  Terms of payment for lands sold by the 
 commissioner of natural resources are the same as those provided 
 for state public lands by section 92.06, subdivision 1. 

    HIST: (6444) 1909 c 452 s 3; 1969 c 897 s 3; 1982 c 531 s 2; 
 1993 c 285 s 12