SB951

Oklahoma SB951 requires appraisal of improvements on leased land before sale and mandates reimbursement of previous lessees by new lessees.

Oklahoma SB951 amends the law concerning the Commissioners of the Land Office. It mandates that before any lands under preference right leases and the improvements on the land are sold, the Commissioners must have the improvements appraised by three disinterested appraisers. The new lease must require the new lessee to reimburse the previous lessee for the appraised value of any improvements made by December 1. If the reimbursement is not made, the lease to the new lessee terminates, and the property reverts to the next highest bid from the auction.