Nebraska § 72-504 - Lease; terms; appraisal; when.
Full text of Nebraska Revised Statutes of Nebraska § 72-504 — Lease; terms; appraisal; when., with citation guidance and answers to common questions.
§ 72-504. Lease; terms; appraisal; when.
(1) All leases shall be made at a rental of six percent on the appraised value, payable annually in advance. The lessee shall pay the appraised value of the improvements on such land, which amount shall be immediately paid to the owner or owners of the improvements. Applications for the lease of any such lands not leased at public offering may be made at any time to the Board of Educational Lands and Funds; Provided, if there are two or more persons wishing to lease the same land, the board shall auction off and lease the land to the person who, in addition to the six percent rental, will pay the highest cash bonus for the lease.
(2) Each lease, referred to in subsection (1) of this section, shall contain a covenant or contract that the land contained in such lease may be appraised every five years. At the expiration of twelve years, the lessee shall deliver up the said land to the state; Provided, any lessee of saline lands may apply in writing to the chairman of the county board to have the lands embraced in such lease, or any part thereof, appraised for the purpose of sale, and when so appraised, the saline lands embraced in such application shall become subject to all the provisions governing the sale of educational lands belonging to the state, except as provided in sections 72-501 to 72-504.
Frequently Asked Questions About Nebraska § 72-504
What does Revised Statutes of Nebraska § 72-504 cover?
Section 72-504 ("Lease; terms; appraisal; when.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nebraska § 72-504?
A common citation format is "Revised Statutes of Nebraska § 72-504" (Nebraska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 72-504 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nebraska.