Trusts — Us Code Code § 390nn
Us Code Code § 390nn — Trusts. Reproduced from the official United States Code, with a citation summary, verification link, and related provisions.
§ 390nn. Trusts
(a) The ownership and full cost pricing limitations of this subchapter and the ownership limitations provided in any other provision of Federal reclamation law shall not apply to lands in a district which are held by an individual or corporate trustee in a fiduciary capacity for a beneficiary or beneficiaries whose interests in the lands served do not exceed the ownership and pricing limitations imposed by Federal reclamation law, including this subchapter.
(b) Lands placed in a revocable trust shall be attributable to the grantor if—
(1) the trust is revocable at the discretion of the grantor and revocation results in the title to such lands reverting either directly or indirectly to the grantor; or
(2) the trust is revoked or terminated by its terms upon the expiration of a specified period of time and the revocation or termination results in the title to such lands reverting either directly or indirectly to the grantor.
(Pub. L. 97–293, title II, §214, Oct. 12, 1982, 96 Stat. 1270; Pub. L. 100–203, title V, §5302(b), Dec. 22, 1987, 101 Stat. 1330–269.)
Editorial Notes
References in Text
Federal reclamation law, referred to in subsec. (a), is defined in section 390aa of this title.
Amendments
1987—Pub. L. 100–203 designated existing provisions as subsec. (a) and added subsec. (b).
About This Section
43 U.S.C. § 390nn is part of Title 43 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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