47-9A-7. Lands acquired in collection of debt or enforcement of claim exempt--Period allowed for disposition--Covenant runs with land.
The restrictions of §§47-9A-1 and 47-9A-3 do not apply to agricultural lands acquired by a corporation by process of law in the collection of debts; or by any procedure for the enforcement of a lien or claim thereon, whether created by mortgage or otherwise. However, any land so acquired shall be disposed of within ten years after acquiring the title thereto. In addition, no land so acquired may be used for farming during the ten-year period except under a lease to a family farm unit, a family farm corporation or an authorized farm corporation. The aforementioned ten-year limitation period shall be deemed a covenant running with the title to the land against any corporate grantee or assignee or the successor of such corporation.
Source: SL 1974, ch 294, §4 (9); SL 2004, ch 277, §5.