The purchase price shall not exceed the fair market value of the outstanding interests to be acquired. Prior to any such acquisition the trustee shall review the evidence and applicable law and shall determine whether the state may have any right, title, or interest therein and deduct from the economic value of the acquisition the value of any such state interest.
Cal. Pub. Res. Code § 8621
Administration
Known as the Kapiloff Land Bank Act
The act spans §§ 8600 to 8633 (27 sections).
Added by Stats. 1982, Ch. 1471, Sec. 1.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.