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IN SB0477
Bill
Status
1/12/2017
Primary Sponsor
James Tomes
Click for details
AI Summary
Senate Bill 477 Summary
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Requires contracts entered after June 30, 2017 for conveyance of Indiana real property interests to agricultural land trusts to include a right of first refusal or first offer clause for the original owner if the trust later becomes insolvent, files for bankruptcy, enters receivership, or is dissolved.
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Applies to conveyances through conservation easements (regardless of designation) or fee simple/less than fee simple transfers, whether for consideration or by gift, grant, or donation.
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Defines "agricultural land trust" as a private nonprofit organization whose mission is to preserve real property for agricultural use by acquiring interests in property and ensuring restrictions against residential, commercial, or nonagricultural development.
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Allows original owners to voluntarily waive the right of first refusal if waiver terms are set forth in the contract and separately signed by the original owner, with or without consideration.
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Effective July 1, 2017; amends Indiana Code section 32-23-5-9.
Legislative Description
Conveyances to agricultural land trusts. Provides that a contract that is entered into after June 30, 2017, for the conveyance of an interest in real property located in Indiana to an agricultural land trust must contain a provision providing that if the agricultural land trust: (1) retains the real property interest conveyed under the contract; and (2) after the execution of the contract: (A) becomes insolvent, files for bankruptcy, enters into receivership, or is otherwise dissolved; and (B) in connection with a liquidation process or other proceeding offers for sale the real property interest retained; the original owner of the
Last Action
Senator Leising added as second author
1/18/2017