§390nn Trusts

Summary

Trust-held land is treated by the owners’ real shares. If land in a reclamation district is owned by a trustee for other people, the usual federal limits on how much land one person can own and what price they pay do not apply to the trustee as long as the beneficiaries’ interests each stay within those federal limits. If a trust can be ended so the land goes back to the person who put it in the trust (the grantor), the land is counted as the grantor’s. The same is true if the trust automatically ends after a set time and the land reverts to the grantor. A trustee is the person or company holding land for others. A beneficiary is someone who has an interest in the land. A grantor is the person who puts land into a trust. A revocable trust is one the grantor can end or that ends after a set time.