Nebraska Statutes 72-224.02. Condemnation proceedings; lease; valuation; adjustment; payment
If the school land to be taken is held under lease, the fair and reasonable value of the interest of the state as trustee for the public schools in said land so taken shall be ascertained as is provided in section 72-224.03 ; Provided, if the condemner desiring to acquire such land from the board is unable to adjust the value of the improvements and any damage thereto, and the damage otherwise arising to the holder of the lease by the condemnation of his interest in the lease, if any, with the holder of the lease, the proceedings to ascertain such damage, if any, and to acquire the interest of the holder of the lease shall be had as is provided in section 72-224.03. The value of the improvements taken, the damage thereto, and any other damage to the holder of the lease, as above provided, shall be paid to the owner of the lease.
Terms Used In Nebraska Statutes 72-224.02
- Acquire: when used in connection with a grant of power or property right to any person shall include the purchase, grant, gift, devise, bequest, and obtaining by eminent domain. See Nebraska Statutes 49-801
- 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
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Trustee: A person or institution holding and administering property in trust.