25 CFR 151.6 – May the Secretary approve acquisition of a fractional interest?
Where the mandatory acquisition process provided under 25 U.S.C. § 2216(c) is not applicable to a fractional interest acquisition, e.g., where the acquisition proposed is off-reservation, the following section applies to discretionary acquisitions of fractional interests. The Secretary may approve the acquisition of a fractional interest in a fractionated tract in trust status by an individual Indian or a Tribe including when:
Terms Used In 25 CFR 151.6
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
(a) The applicant already owns a fractional interest in the same parcel of land;
(b) The interest being acquired by the applicant is in fee status;
(c) The applicant offers to purchase the remaining undivided trust or restricted interests in the parcel at not less than their fair market value;
(d) There is a specific law which grants to the applicant the right to purchase an undivided interest or interests in trust or restricted land without offering to purchase all such interests; or
(e) The owner or owners of more than fifty percent of the remaining trust or restricted interests in the parcel consent in writing to the acquisition by the applicant.