California Public Contract Code 10513 – The publication and award procedures set forth in this article shall …
The publication and award procedures set forth in this article shall not be applicable to any of the following:
(a) The sale of an undivided or fractional ownership interest in real property.
Terms Used In California Public Contract Code 10513
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- 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.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) A sale of a right of use in real property that is less than fee ownership.
(c) A sale of real property subject to title conditions or restrictions on the university’s ownership deriving from the origin of that ownership by gift, devise, or otherwise, if that sale would be inconsistent with those title conditions or restrictions.
(d) The disposition of real property acquired through exercise of a power of sale pursuant to a deed of trust, foreclosure, deed in lieu of foreclosure, transactions when property is accepted in settlement of a defaulted mortgage, legal settlement, or held as an asset in the university’s investment portfolio.
(e) A sale of public lands under the direction of the federal land agent.
(f) A sale to a person or entity who will dedicate the real property to public use.
(g) A sale of real property acquired after January 1, 1985, through eminent domain proceedings initiated by the Regents of the University of California. In those cases, the person from whom the property was acquired shall be notified and be accorded an exclusive opportunity for 90 days to purchase the property at its fair market value. If the person fails to undertake proceedings to purchase the property within 90 days, the procedures specified in Sections 10511 and 10512 shall then be followed in the sale of the property.
(h) An exchange to acquire real property of another person or entity for university purposes. Any exchange shall be upon terms and conditions agreed to by the exchanging parties.
(Amended by Stats. 2014, Ch. 361, Sec. 3. (AB 2726) Effective January 1, 2015.)