The maximum price which the commissioner of school and public lands shall bid for any such property at any such sale shall be determined by an appraisement, to be made in the same manner that the school and public lands of the state are by law required to be appraised, but such price shall never exceed the amount of prior encumbrances, judgments, interest, and costs.

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Source: SL 1911, ch 224, § 84; RC 1919, § 5714; SDC 1939, § 15.0608.