Washington Code 79.71.050 – Transfer of trust land for natural resources conservation areas — Use of proceeds
Current as of: 2023 | Check for updates
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The department is authorized to transfer fee simple interest or less than fee interests in trust land, as defined by Article XVI of the Washington Constitution, for the creation of natural resources conservation areas, provided the owner of the trust land receives full fair market value compensation for all rights transferred. The proceeds from such transfers shall be used for the exclusive purpose of acquiring real property to replace those interests utilized for the conservation area in order to meet the department’s fiduciary obligations and to maintain the productive land base of the various trusts.
Terms Used In Washington Code 79.71.050
- conservation area: means an area having the characteristics identified in RCW 79. See Washington Code 79.71.030
- Department: means the department of natural resources. See Washington Code 79.71.030
- 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.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Fiduciary: A trustee, executor, or administrator.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.