30 U.S.C. § 705 : US Code - Section 705: Purchase price of conveyed interest; installment payments

Search 30 U.S.C. § 705 : US Code - Section 705: Purchase price of conveyed interest; installment payments

The Secretary of the Interior, prior to any conveyance under this
chapter, shall determine the fair market value of the interest to
be conveyed, exclusive of the value of any improvements placed on
the lands involved by the applicant or his predecessors in
interest. Said value shall be determined as of the date of
appraisal. In establishing the purchase price to be paid by the
applicant for the interest, the Secretary shall take into
consideration any equities of the applicant and his predecessors in
interest, including conditions of prior use and occupancy. In any
event the purchase price for any interest conveyed shall not exceed
its fair market value nor be less than $5 per acre. The Secretary
may, in his discretion, allow payment to be made in installments.