Montana Code 60-4-217. Criteria for abandonment
60-4-217. Criteria for abandonment. (1) Subject to subsection (2), the commission shall enter an order abandoning the subject property upon finding that:
Terms Used In Montana Code 60-4-217
- 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.
- Property: means real and personal property. See Montana Code 1-1-205
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(a)the department has determined that the cost of disposing of the subject property by sale pursuant to 60-4-202 or exchange pursuant to 60-4-201 exceeds the fair market value of the subject property;
(b)a remainder exists to provide reasonable access; and
(c)at least one of the following applies:
(i)the disposal qualifies as an exception to 23 C.F.R. § 710.403(d);
(ii)reimbursement of federal funds is not required; or
(iii)the commission agrees to any required reimbursement of federal funds.
(2)An owner of contiguous property who does not object to the proposed receipt of title to the abandoned interest is considered to have consented to the receipt of title.