43 CFR 30.271 – How must the tribe pay for the interests it purchases?
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(a) A tribe must pay the full fair market value of the interests purchased, as set forth in the appraisal or other valuation report, or as determined after hearing under § 30.268, whichever is applicable.
Terms Used In 43 CFR 30.271
- Appraisal: A determination of property value.
- Decedent: A deceased person.
- 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.
(b) Payment must be made within 2 years from the date of decedent‘s death or within 1 year from the date of notice of purchase, whichever is later.