S.B. No. 2139 is a bill that grants the Texas Military Department the authority to negotiate the release of the state's reversionary interest and other interests in a specific property located in Palo Pinto County, owned by the Palo Pinto County Livestock Association. The bill outlines a process for determining the fair market value of the property, which includes assessing the value of any buildings or structures on the site. The Texas Military Department is tasked with either obtaining an independent appraisal or using other reasonable methods to establish this value. Once the fair market value is determined, the department will negotiate with the Livestock Association to finalize the release of the state's interests in the property.

The bill specifies that if the Texas Military Department finds that the state has received fair market value for the property through its use for public purposes, it may release the reversionary interest without further compensation. However, if the fair market value has not been met, the department may negotiate a monetary consideration to cover the remaining value owed to the state. The property in question is described in detail within the bill, and the act is set to take effect immediately upon receiving a two-thirds vote from both houses of the legislature or on September 1, 2025, if that vote is not achieved.