18 | 31 | | (a) As used in this Code section, the term:11 |
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19 | 32 | | (1) 'Agricultural land' means any land capable of use in the production of agricultural12 |
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20 | 33 | | crops, timber, livestock or livestock products, poultry or poultry products, milk or dairy13 |
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21 | 34 | | products, or fruit or other horticultural products, but does not include any land zoned by14 |
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22 | 35 | | a local governmental unit for a use other than and nonconforming with agricultural use.15 |
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33 | 46 | | (B) A corporation, partnership, limited partnership, trustee, or other business entity that24 |
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34 | 47 | | is:25 |
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35 | 48 | | (i) Domiciled in a country whose government is designated as a foreign adversary by26 |
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36 | 49 | | the United States Secretary of Commerce; or27 |
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37 | 50 | | (ii) Domiciled within the United States, but which is owned wholly or in majority by28 |
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38 | 51 | | any corporation, partnership, limited partnership, trustee, or other business entity29 |
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39 | 52 | | domiciled in a country whose government is designated as a foreign adversary by the30 |
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40 | | - | United States Secretary of Commerce; or31 |
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41 | | - | (C) A foreign government designated as a foreign adversary by the United States32 |
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42 | | - | Secretary of Commerce.33 |
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43 | | - | (b) Except as provided by subsections (c) and (d) of this Code section, no nonresident alien34 |
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44 | | - | shall acquire directly or indirectly any possessory interest in agricultural land or land within35 |
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45 | | - | a 25 mile radius of any military base, military installation, or military airport.36 |
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46 | | - | (c)(1) A nonresident alien may acquire a possessory interest in agricultural land by37 |
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47 | | - | devise or inheritance, as security for indebtedness, in the collection of debts, or by any38 |
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48 | | - | procedure for the enforcement of a lien or claim thereon, whether created by mortgage39 |
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49 | | - | or otherwise.40 |
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50 | | - | (2) Any such possessory interest in agricultural land acquired by a nonresident alien in41 |
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51 | | - | the collection of debts or by any procedure for the enforcement of a lien or claim thereon42 |
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52 | | - | shall be disposed of within three years after acquiring such possessory interest.43 23 LC 51 0349S |
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53 | | - | H. B. 452 (SUB) |
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| 53 | + | United States Secretary of Commerce.31 |
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| 54 | + | (b) Except as provided by subsections (c) and (d) of this Code section, no nonresident alien32 |
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| 55 | + | shall acquire directly or indirectly any possessory interest in agricultural land or land within33 |
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| 56 | + | a 25 mile radius of any military base, military installation, or military airport.34 |
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| 57 | + | (c)(1) A nonresident alien may acquire a possessory interest in agricultural land by35 |
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| 58 | + | devise or inheritance, as security for indebtedness, in the collection of debts, or by any36 |
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| 59 | + | procedure for the enforcement of a lien or claim thereon, whether created by mortgage37 |
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| 60 | + | or otherwise.38 |
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| 61 | + | (2) Any such possessory interest in agricultural land acquired by a nonresident alien in39 |
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| 62 | + | the collection of debts or by any procedure for the enforcement of a lien or claim thereon40 |
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| 63 | + | shall be disposed of within three years after acquiring such possessory interest.41 23 LC 51 0337 |
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| 64 | + | H. B. 452 |
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55 | | - | (3) Any such possessory interest in agricultural land acquired by a nonresident alien by44 |
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56 | | - | devise or inheritance shall be disposed of within one year after acquiring such possessory45 |
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57 | | - | interest.46 |
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58 | | - | (d) A nonresident alien that acquires a possessory interest in agricultural land pursuant to47 |
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59 | | - | subsection (c) of this Code section may avoid disposing of such interest if, within the time48 |
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60 | | - | required for disposal, such nonresident alien terminates said nonresident alien status.49 |
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61 | | - | (e) The Commissioner, in consultation with the Secretary of State, shall promulgate rules50 |
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62 | | - | and regulations as necessary to implement the provisions of this Code section.51 |
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63 | | - | (f) A broker who is engaged by client who is a prospective buyer or seller of a possessory52 |
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64 | | - | interest in agricultural land shall timely disclose to said client the requirements and53 |
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65 | | - | limitations of this Code section. For purposes of this subsection, the terms 'broker,' 'client,'54 |
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66 | | - | and 'timely' shall have the same meanings as provided in Code Section 10-6A-3."55 |
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67 | | - | SECTION 2.56 |
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68 | | - | All laws and parts of laws in conflict with this Act are repealed.57 |
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| 66 | + | (3) Any such possessory interest in agricultural land acquired by a nonresident alien by42 |
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| 67 | + | devise or inheritance shall be disposed of within one year after acquiring such possessory43 |
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| 68 | + | interest.44 |
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| 69 | + | (d) A nonresident alien that acquires a possessory interest in agricultural land pursuant to45 |
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| 70 | + | subsection (c) of this Code section may avoid disposing of such interest if, within the time46 |
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| 71 | + | required for disposal, such nonresident alien terminates said nonresident alien status.47 |
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| 72 | + | (e) The Commissioner, in consultation with the Secretary of State, shall promulgate rules48 |
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| 73 | + | and regulations as necessary to implement the provisions of this Code section."49 |
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| 74 | + | SECTION 2.50 |
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| 75 | + | All laws and parts of laws in conflict with this Act are repealed.51 |
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