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(a) The transfer of property under this chapter shall be evidenced by a deed of conveyance in the usual form and with the usual covenants or warranty. However, a lien against the property sold shall be retained in the deed for all of the unpaid sale price with the right, upon default of payment of any interest or indebtedness when it falls due, to declare all of the unpaid sale price due and payable and to proceed to a foreclosure. The deed of conveyance shall be executed on behalf of any improvement district by the chairman and secretary of the board of commissioners.
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(b) A receipt duly executed by a majority of the board of commissioners of an improvement district shall release the purchaser from further liability for the payment of the amount recited in the receipt.
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(c) The sale of all the property of an improvement district shall not work a forfeiture of the corporate entity of the district until all of the secured indebtedness of the district shall have been paid.
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(d) Upon the payment of all indebtedness for which a lien may be retained in the deed of conveyance, the chairman and secretary of the board of commissioners of an improvement district are authorized and directed to satisfy the lien by a deed or release, or by marginal entry upon the deed records where it may be recorded.
