43 CFR § 30.263 - May a surviving spouse reserve a life estate when a tribe exercises its statutory option to purchase?
§ 30.263 May a surviving spouse reserve a life estate when a tribe exercises its statutory option to purchase?
Yes. When the heir or devisee whose interests are subject to the tribal purchase option is a surviving spouse, the spouse may reserve a life estate in one-half of the interests.
(a) To reserve a life estate, the spouse must, within 30 days after the tribe has exercised its option to purchase the interest, file with the agency both:
(1) A written notice to reserve a life estate; and
(2) A certification that copies of the notice have been mailed on the same date to the judge and the tribe.
(b) Failure to file the notice on time, as required by paragraph (a)(1) of this section, constitutes a waiver of the option to reserve a life estate.