CITE

    16 USC Sec. 460m-2                                          01/08/2008

EXPCITE

    TITLE 16 - CONSERVATION
    CHAPTER 1 - NATIONAL PARKS, MILITARY PARKS, MONUMENTS, AND SEASHORES
    SUBCHAPTER LXX - OZARK NATIONAL SCENIC RIVERWAYS

HEAD

    Sec. 460m-2. Reservation of use and occupancy of improved property
      for noncommercial residential purposes; term; valuation

STATUTE

      Any owner or owners, including beneficial owners (hereinafter in
    this section referred to as "owner"), of improved property on the
    date of its acquisition by the Secretary may, as a condition to
    such acquisition, retain the right of use and occupancy of the
    improved property for noncommercial residential purposes for a term
    ending at the death of such owner, or the death of his spouse, or
    at the death of the survivor of either of them. The owner shall
    elect the term to be reserved. The Secretary shall pay to the owner
    the fair market value of the property on the date of such
    acquisition less the fair market value on such date of the right
    retained by the owner.

SOURCE

    (Pub. L. 88-492, Sec. 3, Aug. 27, 1964, 78 Stat. 608.)