Introduced Senate Bill (S)

DIGEST

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 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 real property interest has a right of first refusal or first offer to purchase the real property interest being sold. Provides that such a provision is subject to voluntary waiver by the original owner if the terms of the waiver are: (1) set forth in the contract; and (2) separately signed by the original owner. ... View more