 |
Alaska Administrative Code (Last Updated: January 12, 2017) |
 |
Title 3. Commerce, Community, and Economic Development. |
|
Part 3.1. Banking, Securities, Small Loans and Corporations. |
|
Chapter 3.190. Municipal Trust Land. |
|
Article 3.190.1. Tender, Acceptance, and Conveyance of Municipal Trust Land. |
Section 3.190.040. Less-than-fee interests.
Latest version.
-
The commissioner will, in his or her discretion, accept less-than-fee interests in land under this chapter. If conveyance of a less-than-fee interest is necessary because less-than-fee interest was conveyed to a village corporation by the United States, the acreage subject to such a less-than-fee interest will be credited against the corporation's obligation under sec. 14(c)(3) of ANCSA and under 3 AAC 190.045. The commissioner will, in his or her discretion, accept other less-than-fee interests and credit them under 3 AAC 190.045 only upon a written determination, made after consulting the recognized village entity or the village residents as provided in 3 AAC 190.110 - 3 AAC 190.290, that there is an appropriate reason to accept less than the entire fee interest in land that the village corporation has tendered and that the interests of any future city would not be prejudiced by that acceptance. The commissioner will not accept a conveyance that contains a reversionary clause or condition subsequent created by the village corporation.
Authorities
44.33.755