118 STAT. 1797 PUBLIC LAW 108–374—OCT. 27, 2004 ‘‘(B) the parent or legal guardian of a minor or incom petent person who owns a trust or restricted interest in a parcel of land. ‘‘(2) For purposes of this section, the term ‘owner managed status’ means, with respect to a trust or restricted interest, that— ‘‘(A) the interest is a trust or restricted interest in a parcel of land for which applications covering all trust or restricted interests in such parcel have been submitted to and approved by the Secretary pursuant to subsection (d); ‘‘(B) the interest may be leased without approval of the Secretary pursuant to, and in a manner that is con sistent with, the requirements of this section; and ‘‘(C) no revocation has occurred under subsection (h)(2). ‘‘(j) SECRETARIAL APPROVAL OF OTHER TRANSACTIONS.—Except with respect to the specific lease transaction described in paragraph (1) of subsection (c), interests that acquire owner managed status under the provisions of this section shall continue to be subject to all Federal laws requiring the Secretary to approve transactions involving trust or restricted land (including leases with terms of a duration in excess of 10 years) that would otherwise apply to such interests if the interests had not acquired owner managed status under this section. ‘‘(k) EFFECT OF SECTION.—Subject to subsections (c), (f), and (h), nothing in this section diminishes or otherwise affects any authority or responsibility of the Secretary with respect to an interest in trust or restricted land.’’. SEC. 6. ADDITIONAL AMENDMENTS. (a) IN GENERAL.—The Indian Land Consolidation Act (25 U.S.C. 2201 et seq.) is amended— (1) in the second sentence of section 205(a) (25 U.S.C. 2204(a)), by striking ‘‘over 50 per centum of the undivided interests’’ and inserting ‘‘undivided interests equal to at least 50 percent of the undivided interest’’; (2) in section 207 (25 U.S.C. 2206), by adding a subsection at the end as follows: ‘‘(p) PURCHASE OPTION AT PROBATE.— ‘‘(1) IN GENERAL.—The trust or restricted interests in a parcel of land in the decedent’s estate may be purchased at probate in accordance with the provisions of this subsection. ‘‘(2) SALE OF INTEREST AT FAIR MARKET VALUE.—Subject to paragraph (3), the Secretary is authorized to sell trust or restricted interests in land subject to this subsection, including the interest that a surviving spouse would otherwise receive under section 207(a)(2) (A) or (D), at no less than fair market value, as determined in accordance with the provisions of this Act, to any of the following eligible purchasers: ‘‘(A) Any other eligible heir taking an interest in the same parcel of land by intestate succession or the decedent’s other devisees of interests in the same parcel who are eligible to receive a devise under section 207(b)(1)(A). ‘‘(B) All persons who own undivided trust or restricted interests in the same parcel of land involved in the probate proceeding.
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