[Failure to comply with contract; forfeiture at option of

commissioner.] Failure by a purchaser of state lands to comply with the terms and conditions of his contract of purchase shall, at the option of the commissioner, work a forfeiture of such contract after notice as prescribed by Section 19-7-50 NMSA 1978. In case of forfeiture all monies theretofore paid on any such contract shall remain the property of the state. History: Laws 1912, ch. 82, § 60; Code 1915, § 5238; C.S. 1929, § 132-163; 1941 Comp., § 8-820; 1953 Comp., § 7-8-20.