Page:United States Statutes at Large Volume 118.djvu/1823

 118 STAT. 1793 PUBLIC LAW 108–374—OCT. 27, 2004 under this subsection and delivered a copy of such law or resolution to the Secretary; and ‘‘(II) the parcel is not acquired under clause (iii). ‘‘(iii) RIGHT TO PURCHASE.—Any person who is a member, or eligible to be a member, of the Indian tribe with jurisdiction over the trust or restricted interests in the parcel being sold and is, as of the time of sale under this subparagraph, the owner of the largest undivided interest in the parcel shall have a right to purchase the parcel by tendering to the Secretary an amount equal to the highest sufficient bid submitted at the sale, less that amount of the bid attributable to such owner’s share, but only if— ‘‘(I) the owner submitted a sufficient bid at the sale; ‘‘(II) the owner’s total undivided interest in the parcel immediately prior to the sale was— ‘‘(aa) greater than the undivided interest held by any other co owners, except where there are 2 or more co owners whose interests are of equal size but larger than the interests of all other co owners and such owners of the largest interests have agreed in writing that 1 of them may exercise the right of purchase under this clause; and ‘‘(bb) equal to or greater than 20 percent of the entire undivided ownership of the parcel; ‘‘(III) within 3 days following the date of the auction or for receiving sealed bids, and in accord ance with the regulations adopted to implement this section, the owner delivers to the Secretary a written notice of intent to exercise the owner’s rights under this clause; and ‘‘(IV) such owner tenders the amount of the purchase price required under this clause— ‘‘(aa) not less than 30 days after the date of the auction or time for receiving sealed bids; and ‘‘(bb) in accordance with any requirements of the regulations promulgated to implement this section. ‘‘(iv) INTEREST ACQUIRED.—A purchaser of a parcel of land under this subparagraph shall acquire title to the parcel in trust or restricted status, free and clear of any and all claims of title or ownership of all persons or entities (not including the United States) owning or claiming to own an interest in such parcel prior to the time of sale. ‘‘(J) PROCEEDS OF SALE.— ‘‘(i) Subject to clauses (ii) and (iii), the Secretary shall distribute the proceeds of sale of a parcel of land under the provisions of this section to the owners of interests in such parcel in proportion to their respec tive ownership interests. Deadline. Deadline. Notice.

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