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Terms Used In Idaho Code 47-706

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: includes both real and personal property. See Idaho Code 73-114
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
If any mineral lease has been cancelled for a period of one (1) year and a new lease has not issued the improvements upon the property shall revert to and become the property of the state.