owner-managed status

Defined in 1 dictionary — U.S. Code

United States Code

25 U.S.C. § 2220 — for purposes of this section (5 versions over time)

For purposes of this section, the term “owner-managed status” means, with respect to a trust or restricted interest, that—

(A) the interest is a trust or restricted interest in a parcel of land for which applications covering all trust or restricted interests in such parcel have been submitted to and approved by the Secretary pursuant to subsection (d);

(B) the interest may be leased without approval of the Secretary pursuant to, and in a manner that is consistent with, the requirements of this section; and

(C) no revocation has occurred under subsection (h)(2).