The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-03-12
REDEMPTION OF FORFEITED LANDS.
An Opinion by Attorney General Hord on the
Mortgaging Of College Fund Lands.

The State Auditor submitted to Attorney
general Hord for an official opinion the question:
Has the mortgageor of property to the college
fund, which has been forfeited to the State for
non-payment of interest and sold for the princi-
pal. interest, costs and damages by the Auditor
and Treasurer of State at public sale, as pro-
vided in the State university act, the right of
redemption? If so, upon what conditions can
the mortgageor redeem the sameW
There is nothing in the statute" the Attor-
ney-general answers, ito which you refer that
authorizes the redemption of lands sold by the
Auditor and Treasurer of State, and am not
aware OF any statute that confers the right.
On the contrary the statute directs the execution
OF deed to the purchaser upon compliance with
the terms OF the sale. The statute authorizes
the redemption of real property sold under
Judgment decree or other judicial proceeding A
sale of land by the Auditor and Treasurer Of
State is not a sale upon judgment, decree or
judicial proceeding 1t is a sale under a naked
power not coupled with an interest, and the
Auditor is bound to a strict observance Of the re-
quirements of the statute regulating such sales.
II there is a failure to pursue the directions of
the statute the sale will be void. In the absence
OF statute comforting the right of redemption
sale by virtue of mortgage to the State for the
university fund gives absolute title"
If the mortgageor has no right of redemption
IN the case stated, is there provision made in
the State university act, or the act Of 1883, for
the sale OF lands forfeited to the college fund,
the title OF which is IL this Stateg asks the
Auditor
Under the act" replies Attorney general
Hord. ''concernining the loan of college funds,
on failure to pay any interest or principal when
due on any mortgage therefor, the Auditor is re-
qulred to advertise the mortgaged property for
sale, and the Auditor shall make such sale to the
highest bidder for cash; and in case no one will
bid the full amount due, the Auditor shall bid in
the same on account of the proper fund. When
any land is bid in by the State at such sale the
title rests in the State for the use of the fund
1t becomes the duty of the Auditor of State to
cause the said lands bid in by and forfeited to
the State to be appraised as provided by the act
OF March Z, 1883, which modifes and repeats the
former statutes On the same subject
so far as they may be inconsistent
There must be three appraisers appointed Jointly
by the auditor and treasurer of each county in
which said land may lie. And the Auditor of
State must give notice of the sale thereof by a
publication of description of said lands and
the appraisement thereof, in two papers of gen
eral circulation published in Indianapolis, and
IN newspaper published in each county where
said lands may be located And it is the duty
of the Auditor of State to offer the same at
puDllc or private sale as such officer shall deem
for the best interest of the State the sale to be
made to the highest bidder for cash, or on a
credit or five years. interest being payable an
nually in advance; but such bid must not be less
than the full appraised value of such land. Sec
ton 46l3, r. S., 1881, provides that the
sale of such lands shall not be for less than the
amount chargable on such land, but it is my
opinion that said act of 1883 so modiies said
statute as to authorize the sale for not less than
the full appraised value of the land In MANY
instances the value of the mortgaeea land was
deprecated, so as not to be worth the amount
chargeable thereon, and it became impossible to
sell the forfeited lands under said Section 46l3,
and the statute of 1883 was enacted to meet
this difficulty. The Auditor is now authorized
to sell all of said lands purchased and held by
the State for said fund at not less than the APP
praised value 1t is the duty of the Treasurer
of State to attend and make statement of such
sales, which shall be signed by the Auditor and
Treasurer. When the purchaser complies with
the terms Of sale he is entitled to deed for the
land