43-2A-2. Limitations on foreign ownership--Exceptions.

The following provisions apply to the ownership or leasing of agricultural land in this state:

(1)    A prohibited entity may not own agricultural land in this state;

(2)    A prohibited entity may not lease or hold an easement on agricultural land in this state, unless:

(a)    The lease is exclusively for agricultural research purposes and encumbers no more than three hundred and twenty acres; or

(b)    The lease is exclusively for contract feeding of livestock, at an animal feeding operation, by a family farm unit, a family farm corporation, or an authorized farm corporation;

(3)    Excluding a prohibited entity, a foreign entity, foreign government, or foreign person may not own more than one hundred and sixty acres of agricultural land in this state, provided this limitation does not include:

(a)    Agricultural land acquired by devise or inheritance; or

(b)    Agricultural land held as security for indebtedness; and

(4)    Excluding a prohibited entity, there is no restriction on easements or the number of acres of agricultural land that a foreign entity, foreign government, or foreign person may lease.

This section does not apply to a foreign entity, foreign government, or foreign person whose right to hold land is secured by treaty.

Source: SL 1979, ch 291, § 1; SL 2024, ch 176, § 3.