Reversionary Interest Conveyance Act
Officially: “Reversionary Interest Conveyance Act” Read the full text
What it does
Read it in plain language
1Short title
This section would let the Act be called the Reversionary Interest Conveyance Act.
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1. Short title This Act may be cited as the Reversionary Interest Conveyance Act .
2Conveyance of United States interest in certain land
This section would define the covered land as about 8.43 acres in Sacramento, California, that are under the Bureau of Land Management's administrative jurisdiction and are shown as Proposed Easements to be Released on a map dated November 7, 2022 titled Lands Proposed for Release from Any and All Reversionary Interests of the United States, including interests under the Act of July 1, 1862. It would define a buyer as the owner of record of any parcel within the covered land at the time the requested conveyance actually takes place. Separately, it would limit a buyer to requesting and purchasing the reversionary interest only for the parcels of which that person is the owner of record at the time of the request. It would define the reversionary interest as all of the reversionary interests the United States holds in the covered land, and it would define the Secretary as the Secretary of the Interior, acting through the Bureau of Land Management. Not later than two years after the Secretary receives a request from a buyer, the Secretary would have to offer that buyer the applicable reversionary interest and would have to convey the land to the buyer once the buyer pays the appraised value. Any conveyance would remain subject to valid existing rights and could not be for less than fair market value. The Secretary would determine that fair market value under the Federal Land Policy and Management Act of 1976, based on an appraisal conducted according to the Uniform Appraisal Standards for Federal Land Acquisitions and the Uniform Standards of Professional Appraisal Practice. Beyond the fair market value itself, the buyer would have to pay all costs related to the conveyance, including surveys, appraisals, and other administrative costs. The proceeds from selling the reversionary interest would be deposited in the Federal Land Disposal Account established by section 206(a) of the Federal Land Transaction Facilitation Act and would have to be used in accordance with that Act.
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2. Conveyance of United States interest in certain land (a) Definitions In this section: (1) Covered land The term covered land means the approximately 8.43 acres of land under the administrative jurisdiction of the Bureau of Land Management in Sacramento, California, as generally depicted as Proposed Easements to be Released on the map titled Lands Proposed for Release from Any and All Reversionary Interests of the United States, including interests under the Act of July 1, 1862 (12 Stat. 489) , dated November 7, 2022. (2) Buyer (A) The term buyer means the owner of record of any of the parcels included in the covered land at the time of the requested conveyance. (B) Buyer may only request and purchase the covered land’s reversionary interest for the parcels of which the owner is the owner of record at the time of request. (3) Reversionary interest The term reversionary interest means all reversionary interests of the United States in the covered land. (4) Secretary The term Secretary means the Secretary of the Interior, acting through the Bureau of Land Management. (b) Conveyance Not later than two years after the Secretary receives a request from the buyer, the Secretary shall offer to the buyer the applicable reversionary interest subject to the requirements in subsection (c), and shall convey the lands to buyer upon payment of the appraised value. (c) Requirements Any conveyance under this section— (1) shall be subject to valid existing rights; and (2) shall be for not less than fair market value. (d) Payment of fair market value The Secretary shall determine the fair market value of the applicable reversionary interest— (1) in accordance with the Federal Land Policy and Management Act of 1976 ( 43 U.S.C. 1701 et seq. ); and (2) based on an appraisal that is conducted in accordance with— (A) the Uniform Appraisal Standards for Federal Land Acquisitions; and (B) the Uniform Standards of Professional Appraisal Practice. (e) Costs In addition to the fair market value determined under subsection (d), the buyer shall pay all costs related to the applicable conveyance of the reversionary inter est, including all surveys, appraisals, and other administrative costs. (f) Proceeds from the sale of land The proceeds from the sale of the applicable reversionary interest shall be— (1) deposited in the Federal Land Disposal Account established by section 206(a) of the Federal Land Transaction Facilitation Act ( 43 U.S.C. 2305(a) ); and (2) used in accordance with that Act.
3Statutory construction
This section would state that nothing in the Act reduces the right-of-way tied to the covered land described in section 2 below a width of 50 feet on each side of the center of the main track or tracks that the Southern Pacific Transportation Company established and maintained as of the date the Act becomes law. It would also state that nothing in the Act validates or confirms any right, title, or interest in that land arising from adverse possession, prescription, or abandonment, unless that right or interest was already confirmed by a conveyance made by the Southern Pacific Transportation Company before the date the Act becomes law.
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3. Statutory construction Nothing in this Act shall— (1) diminish the right-of-way associated with the covered land in section 2 to a width of less than 50 feet on each side of the center of the main track or tracks established and maintained by the Southern Pacific Transportation Company on the date of the enactment of this Act; or (2) validate or confirm any right or title to, or interest in the land referred to in section 2 arising out of adverse possession, prescription, or abandonment, and not confirmed by conveyance made by the Southern Pacific Transportation Company before the date of the enactment of this Act.
Where it is
In the House.