43-32-2. Limited term of lease--Agricultural land--Municipal lots.

No lease or grant of agricultural land for a longer period than twenty years, in which shall be reserved any rent or service of any kind, shall be valid.

No lease or grant of any municipal lot for a longer period than ninety-nine years, in which shall be reserved any rent or service of any kind, shall be valid.

Source: CivC 1877, § 203; CL 1887, § 2719; RCivC 1903, § 226; RC 1919, § 296; SL 1921, ch 277; SDC 1939, § 38.0403; SL 1977, ch 343; SL 1992, ch 60, § 2.