Section 38-17-04 - Use of sight draft - Cancellation of lease authorized1. Any trust or escrow document relating to a coal lease, or any sight draft or other negotiable or non-negotiable instrument given as full or partial consideration for a coal lease, may authorize the first party to the document or instrument to reject the lease or refuse to honor the draft or other instrument at the time it is due and payable because of a bona fide failure of title.2. Either party to a coal lease may cancel the coal lease until midnight of the fifteenth business day after the day on which the lessor executed the coal lease. Cancellation occurs and is effective when the party desiring to cancel sends written notice of the cancellation of the lease to the other party by registered mail, return receipt requested, if mailed within the specified amount of time. Notice of cancellation given by either party is effective if it indicates that party's intention not to be bound by the lease.