9-1105 Financial statement of trustee; disposition of funds

9-1105. Financial statement of trustee; disposition of funds

A. Within sixty days after the first publication provided for by this article, the trustee shall make a full and true statement in writing of all monies expended by the trustee, and the trustee's reasonable charges for time and services in the administration of the trust to that time that shall be and remain a first charge on the lands in favor of the trustee.

B. The money collected shall be applied first to reimburse the parties who advanced the money to enter the townsite with interest at ten percent a year, and then to the discharge of other outstanding claims incurred in entering the townsite or executing the trust.  Any surplus shall be paid to the governing body of the city or town, if incorporated, for making public improvements, or, if unincorporated, for making such public improvements as may be directed by a meeting of the citizens of the town to be held after thirty days notice by the trustee.