Section 987.601 Of Article 3.1. Veterans’ Farm And Home Purchase Act Of 1974 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.1.
987.601
. (a) For purposes of the construction of a dwelling house
or other improvements for a farm or home or the acquisition of a farm
or home for an Indian veteran pursuant to this article, references
to property or real property include the Indian veteran's beneficial
interest in trust land held by the United States for that veteran and
a leasehold interest acquired by the Indian veteran from an Indian
beneficiary when the Indian veteran is not a beneficiary of trust
land; references to the purchase or acquisition of property or real
property include the assignment of an Indian veteran's beneficial
interest in trust land held by the United States for that veteran and
a leasehold interest in trust land acquired by an Indian veteran
from an Indian beneficiary; references to the sale of property or
real property include the assignment of an Indian veteran's
beneficial interest in trust land held by the United States for that
veteran and a leasehold interest in trust land acquired by the Indian
member from an Indian beneficiary; and references to purchaser,
seller, purchase price, and selling price refer to the acquisition or
sale of a home situated or constructed upon or a farm comprising an
assignment of an Indian veteran's beneficial interest in trust land
held by the United States for that veteran or a leasehold interest in
trust land acquired by the Indian veteran from an Indian
beneficiary.
(b) Subject to the conditions and limitations specified in Section
987.603, the department may acquire an Indian veteran's leasehold
interest in allotment trust land, or a sufficient portion of the
leasehold interest necessary to secure the loan, as determined by the
department and the Bureau of Indian Affairs, for the purpose of
entering into a contract with the Indian veteran for the acquisition
of a farm or home or for the construction of a dwelling house or
other improvements for a farm or home or for the purchase and
installation of a mobilehome on the leasehold land.
(c) Subject to the conditions and limitations specified in Section
987.603, the department may acquire an assignment of an Indian
veteran's beneficial interest in trust land held by the United States
for that veteran, or a sufficient portion of the beneficial interest
necessary to secure the loan, as determined by the department and
the Bureau of Indian Affairs, for the purpose of entering into a
contract for the acquisition of a farm or home or for the
construction of a dwelling house or other improvements for a farm or
home or for the purchase of a mobilehome on trust land assigned to
the department by the Indian veteran beneficiary.
(d) For purposes of this section, the leasehold interest to be
acquired by the department shall have been granted by the person or
persons for whom the land is held in trust for a term of at least 25
years renewable without notice on the same terms and conditions for
an additional period of at least 25 years. The lease shall be in a
form acceptable to the department and to the United States Secretary
of the Interior. The Indian veteran shall satisfy the department that
it and its assignees will have access to the property for the term
of the lease. The Indian veteran shall assign the lease to the
department without cost and shall obtain the consent of the United
States Secretary of the Interior to that assignment.
(e) For purposes of this section, the beneficial interest to be
assigned by the Indian veteran shall be assigned as security for a
contract entered into pursuant to this article. The assignment shall
be in a form acceptable to the department and to the United States
Secretary of the Interior. The Indian beneficiary veteran shall
satisfy the department that the department and its assignees will
have access to the property for the term of the assignment. The
beneficial interest of the Indian beneficiary veteran shall be
assigned at no cost to the department and with the consent of the
United States Secretary of the Interior.