Section 442.586

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 442

Effective - 28 Aug 1999 

  442.586.  Lands owned by resident aliens — cessation of residence — failure to divest, effect. — Sections 442.560 to 442.591 shall not apply to agricultural land now owned in this state by aliens or foreign businesses so long as it is held by the present owners or their direct descendants including any trust for the benefit of either and any legal person owned or controlled by either including but not limited to corporations, limited liability corporations, partnerships, and limited liability partnerships, nor to any alien who is or shall take up bona fide residence in the United States; and any alien who is or shall become a bona fide resident of the United States shall have the right to acquire and hold agricultural lands in this state upon the same terms as citizens of the United States during the continuance of such bona fide residence in the United States; except, that if any resident alien shall cease to be a bona fide resident of the United States, such alien shall have two years from the time he ceased to be a bona fide resident in which to divest himself of such agricultural lands.  Any agricultural lands not divested within the time prescribed shall be ordered sold by the court at a public sale in the manner prescribed by law for the foreclosure of a mortgage on real estate for default in payment.

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(L. 1978 S.B. 685 § 6, A.L. 1993 H.B. 566 merged with S.B. 84, A.L. 1999 H.B. 708)