Vermont Statutes Title 10 Sec. 6305
Terms Used In Vermont Statutes Title 10 Sec. 6305
- 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.
- Grantor: The person who establishes a trust and places property into it.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 6305. Exchanges of land
In exercising its authority to acquire property by exchange, a department may accept real property and rights and interests in the real property, and may convey to the grantor of such real property or rights and interests in the real property any State-owned property under the jurisdiction of the department, but only with the favorable advice and recommendation of the Interagency Committee on Natural Resources. In effecting such exchanges, the department may also utilize for exchange purposes any privately owned land and rights and interests in the land donated or made available to it for such purpose of an exchange. The land and rights and interests thus exchanged shall be approximately equal in fair market value, provided that the department may accept cash from or pay cash to the grantor in such an exchange, in order to equalize the value of the property and rights and interests in the property being exchanged. Notwithstanding any other provisions of law and with the approval of the Interagency Committee on Natural Resources, State real property and rights and interests in the property may, with the authorization of the department or other agency having custody thereof, be transferred without consideration to the jurisdiction of a department designated under section 6302 of this title for use in carrying out the provisions of this chapter. (Added 1969, No. 229 (Adj. Sess.), § 6; amended 2019, No. 131 (Adj. Sess.), § 21.)