§ 152.35. Deferred payment sales.

194 words·~1 min read·/us/cfr/t25/s§ 152.35·

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When the Indian owner and purchaser desire, a sale may be made or approved on the deferred payment plan. The terms of the sale will be incorporated in a memorandum of sale which shall constitute a contract for delivery of title upon payment in full of the amount of the agreed consideration. The deed executed by the grantor or grantors will be held by the Superintendent and will be delivered only upon full compliance with the terms of sale. If conveyance of title is to be made by fee patent, request therefor will be made only upon full compliance with the terms of the sale.

The terms of the sale shall require that the purchaser pay not less than 10 percent of the purchase price in advance as required by the Act of June 25, 1910 (36 Stat. 855), as amended (25 U.S.C. 372); terms for the payment of the remaining installments plus interest shall be those acceptable to the Secretary and the Indian owner. If the purchaser on any deferred payment plan makes default in the first or subsequent payments, all payments, including interest, previously made will be forfeited to the Indian owner.

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statutes-at-large

to provide for determining the heirs of deceased Indians, for the disposition and sale of allotments of deceased Indians, for the leasing of allotments, and for other purposes” (36 Stat. 855), be, and the same is hereby, amended to read as follows: " “That when any Indian to whom an allotment of lan
Public Law 227

U.S. Code

Ascertainment of heirs of deceased allottees; settlement of estates; sale of lands; deposit of Indian moneys
§ 372

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§ 152.35

Deferred payment sales.

Stat.Public Law 227

U.S.C.§ 372

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