{"data":{"id":"us-ok/okla.-stat.-tit.-64-64-1023","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 64, § 64-1023","heading":"Trust property - Commercial, agricultural and mineral","body":"leases.\n\nA. The Commissioners of the Land Office are authorized to grant\n\ncommercial leases and agricultural leases in trust property.\n\nCommercial leases shall not exceed fifty-five (55) years. The\n\ngranting of any commercial lease in excess of three (3) years shall\n\nbe by public bidding at not less than fair market value. All\n\ncommercial leases shall provide for fair market value throughout the\n\nterm of the lease.\n\nAgricultural leases of trust property shall be limited to a\n\nmaximum of five (5) years and shall be by public bidding at not less\n\nthan fair market value.\n\nThe granting of any interest in trust property at less than fair\n\nmarket value or not in compliance with this section is void.\n\nAny permanent improvement made on commercial trust property from\n\nand after July 1, 1989, shall revert to the trust at the end of the\n\nlease.\n\nB. In connection with any commercial and agricultural leases,\n\nthe Commissioners of the Land Office shall, unless otherwise\n\nexempted by the Constitution or laws of this state:\n\n1. Require payment of ad valorem property taxes on any\n\nimprovements and structures on state school land, which would\n\notherwise be subject to ad valorem property taxation if constructed\n\non privately owned land; and\n\n2. Indemnify and hold harmless the Commissioners of the Land\n\nOffice from any financial obligation related to land, financing, or\n\noperation.\n\nC. An appraiser selected by the Commissioners of the Land\n\nOffice shall appraise any improvements approved by the Commissioners\n\nof the Land Office made to the property leased as an agricultural\n\nlease by the current lessee that cannot be removed without manifest\n\ninjury to the land. When the Commissioners enter into a new lease\n\nfor the property, the lease shall require the new lessee to\n\nreimburse the previous lessee for the appraised value of any\n\nimprovements made by the previous lessee by the date the new lessee\n\nis permitted to take occupancy of the property. It shall be\n\nconsidered a default of the lease of the property to the new lessee\n\nif such reimbursement is not made. Provided, no fees may be charged\n\nto a lessee above those included in the originally accepted bid to\n\nirrigate land used for agricultural purposes if the water is not\n\nsourced from lands owned or managed by the Commissioners.\n\nD. The Commissioners of the Land Office may refuse to accept\n\nany bid or lease on a commercial, agricultural, or mineral lease\n\nwhere the party is in default of any installment due or in violation\n\nof any provisions contained in a prior or current lease contract.\n\nE. The Commissioners of the Land Office may refuse to accept\n\nany bid or lease contract where the interested party cannot show\n\nadequate creditworthiness as determined by the Land Office.\n\nF. The Commissioners of the Land Office shall promulgate rules\n\nto implement the provisions of this section.","path":["OK Code","Title 64"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os64.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0bb08f5451de378a161b432f13dda8e05b6f3c52a91e7ec2758b981ca64fd243","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-64-64-1022","next":"us-ok/okla.-stat.-tit.-64-64-1024"},"notice":"GroundRules: Original legal text. Not legal advice."}