16 U.S.C. § 460m–2 — Reservation of use and occupancy of improved property for noncommercial residential purposes; term; valuation

FEDERAL · 16 U.S.C. · Chapter 1

Reservation of use and occupancy of improved property for noncommercial residential purposes; term; valuation

16 U.S.C. § 460m–2

Chapter1 — NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORES

SubchapterLXX

Current throughPub. L. 119-99

This text of 16 U.S.C. § 460m–2 (Reservation of use and occupancy of improved property for noncommercial residential purposes; term; valuation) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

16 U.S.C. § 460m–2.

Text

Any owner or owners, including beneficial owners (hereinafter in this section referred to as "owner"), of improved property on the date of its acquisition by the Secretary may, as a condition to such acquisition, retain the right of use and occupancy of the improved property for noncommercial residential purposes for a term ending at the death of such owner, or the death of his spouse, or at the death of the survivor of either of them. The owner shall elect the term to be reserved. The Secretary shall pay to the owner the fair market value of the property on the date of such acquisition less the fair market value on such date of the right retained by the owner.

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Any owner or owners, including beneficial owners (hereinafter in this section referred to as "owner"), of improved property on the date of its acquisition by the Secretary may, as a condition to such acquisition, retain the right of use and occupancy of the improved property for noncommercial residential purposes for a term ending at the death of such owner, or the death of his spouse, or at the death of the survivor of either of them. The owner shall elect the term to be reserved. The Secretary shall pay to the owner the fair market value of the property on the date of such acquisition less the fair market value on such date of the right retained by the owner.

Source Credit

History

(Pub. L. 88–492, §3, Aug. 27, 1964, 78 Stat. 608.)

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Bluebook (online)

16 U.S.C. § 460m–2, Counsel Stack Legal Research, https://law.counselstack.com/usc/16/460m–2.