77-4-129. Procedure to fix value of improvements. (1) If the owner of any improvements on state lands of the type authorized by law at the time they were placed on the land desires to sell these improvements to the new lessee and they are unable to agree on the value of the improvements, the value must be ascertained and fixed by three arbitrators, one of whom must be appointed by the owner of the improvements, one by the new lessee, and the third by the two arbitrators appointed. The reasonable compensation that the arbitrators may fix must be paid in equal shares by the owner of the improvements and the new lessee. The value of the improvements as ascertained and fixed is binding on both parties.

(2) If either party is dissatisfied with the valuation as fixed, the party may within 10 days appeal the arbitrators' decision to the department and the department shall examine the improvements and make the final decision as to the value of the improvements. The department shall apportion the actual cost of the reexamination to the owner and the new lessee as justice may require. The value of the improvements must be ascertained and fixed as provided in 77-4-128.