§1035 Sale of Mineral Interests; Consideration; Transfer of Unsold Interests to Secretary of the Interior

Summary

Mineral rights in areas the Secretary, after talking with the Department of the Interior and local officials, finds have no active mineral development or leasing can be sold for $1 if they are covered by one application. In other areas the Secretary must sell the mineral rights at their fair market value after any appraisals the Secretary thinks are needed. Area rules can be changed, and the price for a specific tract is the rule in effect when the application is filed. If mineral interests covered by sections 1033 to 1039 are not sold under these rules within seven years from September 6, 1950, or within seven years from the date the United States acquired them (whichever is later), the Secretary must transfer ownership of those mineral interests to the Secretary of the Interior to be handled under federal mineral laws, except for interests that were part of assets transferred under agreements with State rural rehabilitation corporations.