(1) IN GENERAL.—The restrictions made appli-
cable under subsection (a) shall continue with re-
spect to restricted property upon the acquisition of
such property by an Indian citizen by inheritance,
devise, gift, or exchange.
(2) WITH WAIVER.—The restrictions made ap-
plicable under subsection (a) shall continue with re-
spect to restricted property upon the acquisition of
such property by an Indian citizen by election to
take at partition or by purchase if—
(A) prior to the execution of the deed
transferring such restricted property, the In-
dian citizen who owned such property prior to
such election to take or purchase executes a
written waiver of his or her right to acquire
other property in restricted status pursuant to
section 102; and
(B) such restrictions appear in the deed
transferring such property to the Indian citizen
electing to take at partition or purchasing such
property, with certification by the Secretary
that the requirements of this paragraph have
been met.
SEC. 102. REINVESTMENT OF PROCEEDS FROM CONDEMNA-
TION 
OR 
CONVEYANCE 
OF 
RESTRICTED
PROPERTY.
(a) REQUIREMENT.—Upon the conveyance of the re-
stricted property of an Indian citizen pursuant to this Act,
or upon the conveyance or condemnation of such property
pursuant to section 3 of the Act of March 3, 1901 (25
U.S.C. 357) or other Federal laws generally applicable to
the condemnation of Indian trust or restricted property,
to any individual, corporation, or other entity, any pro-
ceeds from such conveyance or condemnation shall be used
to purchase from a willing seller other property designated
by such Indian citizen, and such designated property shall
be restricted property within the meaning of this Act if—
(1) such proceeds were deposited into a seg-
regated account in a trust fund under the super-
vision of the Secretary at the request of the Indian
citizen;
(2) such Indian citizen provides a written re-
quest to the Secretary for payment of all or a por-
tion of such proceeds for purchase of property to be
held in restricted status;
(3) such Indian citizen has not executed a writ-
ten waiver of his or her right to acquire other prop-
erty in restricted status pursuant to section 101;
and
(4) such restrictions appear in the conveyance
to the Indian citizen with certification by the Sec-
retary that the requirements of this section have
been met.
(b) FAIR MARKET VALUE
IN EXCESS
OF PRO-
CEEDS.—If the fair market value of any property des-
ignated under subsection (a) exceeds the amount of pro-
ceeds that are derived from the conveyance or condemna-
tion involved, a specific tract of land within the property
shall be designated by the Indian citizen for placement in
restricted status. The size of the restricted tract of land
so designated shall be in the same proportion to the whole
of the property as the proceeds derived from the convey-
ance or condemnation bears to the fair market value of
the whole of the property. Such restrictions shall appear
on the face of the deed with certification by the Secretary
describing that portion of the property which is subject
to restrictions and certifying that the requirements of this
section have been met.
SEC. 103. RESTRICTED FUNDS.
(a) IN GENERAL.—All funds and securities held or
supervised by the Secretary derived from restricted prop-
erty or individual Indian trust property on or after the
effective date of this Act, including proceeds from any con-
veyance or condemnation as provided for in section 102,
are declared to be restricted and shall remain subject to
the jurisdiction of the Secretary until or unless otherwise
provided for by Federal law.
(b) USE OF FUNDS.—Funds, securities, and proceeds
described in subsection (a) may be released or expended
by the Secretary for the use and benefit of the Indian citi-
zens to whom such funds, securities, and proceeds belong,
as provided for by Federal law.
SEC. 104. PERIOD OF RESTRICTIONS.
Subject to the provisions of this Act that permit re-
strictions to be removed, the period of restriction against
alienation, lease, mortgage, or other encumbrance of re-
stricted property and funds belonging to Indian citizens,
is hereby extended until an Act of Congress determines
otherwise.
SEC. 105. REMOVAL OF RESTRICTIONS.
(a) PROCEDURE.—
(1) APPLICATION.—An Indian citizen who owns
restricted property, or the legal guardian of a minor
Indian citizen or an Indian citizen who has been de-
termined to be legally incompetent by a court of
competent jurisdiction (including a tribal court),
may apply to the Secretary for an order removing
restrictions on any interest in restricted property
held by such Indian citizen.
(2) CONSIDERATION OF APPLICATION.—An ap-
plication under paragraph (1) shall be considered by
the Secretary only as to the tract, tracts, or severed
mineral or surface interest described in the applica-
tion. Not later than 90 days after the date on which
an application is submitted, the Secretary shall ei-
ther issue the removal order or disapprove of the ap-
plication.
(3) DISAPPROVAL.—The Secretary shall dis-
approve an application under paragraph (1) if—
(A) in the Secretary’s judgment, the appli-
cant has been subjected to fraud, undue influ-
ence or duress by a third party; or
(B) the Secretary determines it is other-
wise not in the Indian citizen owner’s best in-
terest.
(b) REMOVAL OF RESTRICTIONS.—When an order to
remove restrictions becomes effective under subsection (a),
the Secretary shall issue a certificate describing the prop-
erty and stating that the Federal restrictions have been
removed.
(c) SUBMISSION OF LIST.—Prior to or on April 1 of
each year, the Secretary shall cause to be filed with the
county treasurer of each county in the State of Oklahoma
where restricted property is situated, a list of restricted
property that has lost its restricted status during the pre-
ceding calendar year through acquisition of ownership by
an individual or entity who is not an Indian citizen or by
removal of restrictions pursuant to this section.
(d) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to—
(1) abrogate valid existing rights to property
that is subject to an order to remove restrictions
under this section; and
(2) remove restrictions on any other restricted
property owned by the applicant.
SEC. 106. EXEMPTIONS FROM PRIOR CLAIMS.
Sections 4 and 5 of the Act of May 27, 1908 (35
Stat. 312, chapter 199) shall apply to all restricted prop-
erty.
SEC. 107. FRACTIONAL INTERESTS.
Upon application by an Indian citizen owner of an
undivided unrestricted interest in property of which a por-
tion of the interests in such property are restricted as of
the effective date of this Act, the Secretary is authorized
to convert that unrestricted interest into restricted status
if all of the interests in the property are owned by Indian
citizens as tenants in common as of the date of the appli-
cation under this section.