S.B. No. 2139 authorizes the Texas Military Department to negotiate the release of the state's reversionary interest and other interests in property located in Palo Pinto County, owned by the Palo Pinto County Livestock Association. The bill mandates the Texas Military Department to determine the fair market value of the property as of the date it was transferred to the City of Mineral Wells in 1953, as well as the present fair market value of any retained state interests in buildings and structures on that property. This valuation can be established through an independent appraisal or other reasonable means if an appraisal is not feasible.

Once the fair market value is determined, the Texas Military Department is tasked with negotiating a transaction with the Palo Pinto County Livestock Association to release the state's interests in the property. If it is found that the state has received fair market value through the property's use for public purposes, the department will release the reversionary interest. If not, the department may negotiate a monetary consideration to compensate for the remaining value owed to the state. The bill specifies the property in question and outlines the process for determining value and negotiating the release of interests.