Page:United States Statutes at Large Volume 118.djvu/1809

 118 STAT. 1779 PUBLIC LAW 108–374—OCT. 27, 2004 ‘‘(2) DEVISE OF TRUST OR RESTRICTED LAND AS A LIFE ESTATE OR IN FEE.— ‘‘(A) IN GENERAL.—Except as provided under any applicable Federal law, any trust or restricted interest in land that is not devised in accordance with paragraph (1)(A) may be devised only— ‘‘(i) as a life estate to any person, with the remainder being devised only in accordance with subparagraph (B) or paragraph (1); or ‘‘(ii) except as provided in subparagraph (B), as a fee interest without Federal restrictions against alienation to any person who is not eligible to be a devisee under clause (iv) of paragraph (1)(A). ‘‘(B) INDIAN REORGANIZATION ACT LANDS.—Any interest in trust or restricted land that is subject to section 4 of the Act of June 18, 1934 (25 U.S.C. 464), may be devised only in accordance with— ‘‘(i) that section; ‘‘(ii) subparagraph (A)(i); or ‘‘(iii) paragraph (1)(A); provided that nothing in this section or in section 4 of the Act of June 18, 1934 (25 U.S.C. 464), shall be construed to authorize the devise of any interest in trust or restricted land that is subject to section 4 of that Act to any person as a fee interest under subparagraph (A)(ii). ‘‘(3) GENERAL DEVISE OF AN INTEREST IN TRUST PERSON ALTY.— ‘‘(A) TRUST PERSONALITY DEFINED.—The term ‘trust personalty’ as used in this section includes all funds and securities of any kind which are held in trust in an indi vidual Indian money account or otherwise supervised by the Secretary. ‘‘(B) IN GENERAL.—Subject to any applicable Federal law relating to the devise or descent of such trust person alty, or a tribal probate code approved by the Secretary in accordance with section 206, the owner of an interest in trust personalty may devise such an interest to any person or entity. ‘‘(C) MAINTENANCE AS TRUST PERSONALTY.—In the case of a devise of an interest in trust personalty to a person or Indian tribe eligible to be a devisee under paragraph (1)(A), the Secretary shall maintain and continue to manage such interests as trust personalty. ‘‘(D) DIRECT DISBURSEMENT AND DISTRIBUTION.—In the case of a devise of an interest in trust personalty to a person or Indian tribe not eligible to be a devisee under paragraph (1)(A), the Secretary shall directly disburse and distribute such personalty to the devisee. ‘‘(4) INVALID DEVISES AND WILLS.— ‘‘(A) LAND.—Any trust or restricted interest in land that is not devised in accordance with paragraph (1) or (2) or that is not disposed of by a valid will shall descend in accordance with the applicable law of intestate succes sion as provided for in subsection (a). ‘‘(B) PERSONALTY.—Any trust personalty that is not disposed of by a valid will shall descend in accordance

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