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, if there is a successor in interest, the owner or his successor in interest shall be notified by the seller by certified mail and shall have a 30-day option from the date of a sale provided for in 70-30-321 to purchase the interest by offering therefor an amount of money equal to the highest bid received for the interest at the sale. If more than one person claims an equal entitlement, the option may not be exercised.
     (2) If no bids are received by the seller and the optionholder indicates in writing to the seller that he wishes to exercise the option, the seller shall have the real property interest appraised and sell the interest at that price to the optionholder.
     (3) When an interest other than a fee simple interest in property, which has been acquired for a public purpose by right of eminent domain, or otherwise, is abandoned or the purpose for which it was acquired is terminated, the property reverts to the original owner or his 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.