(1) The Commissioner of State Lands is empowered and authorized to cancel, set aside, and hold for naught any redemption or sale deed issued by him or her for any state-owned land in any instance where a personal check tendered to and accepted by him or her in payment of the redemption or purchase price thereof is not paid upon presentation to the bank upon which it is drawn.
(2) Upon failure of payment, the Commissioner of State Lands may issue a cancellation deed cancelling and setting aside the redemption or sale deed and shall file the cancellation deed for record in the county in which the lands are located and pay the expense incident thereto from the maintenance fund of the office of the Commissioner of State Lands.