117.231 PAYMENT IN INSTALLMENTS.
Subdivision 1. Option of property owner.
Whenever private property is acquired for public
purposes by purchase or eminent domain proceedings, the property owner shall have the option of
receiving the purchase price or the award as finally adjudicated, either in a lump sum or in not
more than four annual installments.
Subd. 2. Eminent domain; procedure.
When the property is acquired by eminent domain
proceedings and the amount the owner shall receive for said property is finally determined,
the owner is entitled to payment thereof, and before payment is made, may elect, by making
written request thereof to the petitioner, to have the amount paid in not more than four annual
installments, and without interest on the deferred installments. After the first installment is paid
the petitioner may make its final certificate, as provided by law, in the same manner as though the
entire amount had been paid.
Subd. 3. Purchase of property; procedure.
When the property is purchased from the
private owner, the amount of the purchase price shall be paid in a lump sum, unless the property
owner at the time of delivering the conveyance to the condemning authority shall elect to have
the purchase price paid in not more than four annual installments and without interest on the
History: 1971 c 595 s 27; 1986 c 444